Rust compiles to LLVM IR. I'm pretty surprised that building this transpiler was considered a better use of time than writing an LLVM backend for whatever "weird embedded target" might need this.
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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.