For example, in the 37c3 talk "Breaking "DRM" in Polish trains" by the folks from Dragon Sector (I highly recommend watching it), they needed to reverse-engineer Tricore binaries, however they found the Ghidra implementation had bugs.
As for the PLCs, the IEC 61131-3 functional block diagrams transpile to C code which then compiles to Tricore binaries using an obscure GCC fork. Not saying that anyone would want to write Rust code for PLCs, but this is not uncommon in the world of embedded.
Lower level representations also exist - since C has goto, you can pretty much turn any SSA IR to C, but the end result won't be readable.
and considering how long compiling LLVM takes... it's reasonable to go for other options
Most teams who write code for embedded devices (especially the weird devices at issue here) don't have the hardware knowledge, time, or contractual ability to write their own compiler backend. They're almost always stuck with the compiler the manufacturer decided to give them.
But ya, I believe this project exists for a meaningful purpose, I'm just surprised.
They aren't usually building a compiler from scratch; they modify their existing compiler[1] for their new hardware, which is fractions of effort required compared to building a new compiler or modifying the LLVM backend.
Unless it's a completely new ISA, they'll spend an hour or less just adding in the new emit code for only the changes in the ISA.
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[1] Usually just the previous gcc that they used, which is why in 2022 I was working on brand new devices that came with a customised gcc 4.something