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Looking at Liana, the bootstrap works by compiling an older rustc with mrustc and then compiling newer rustc with the compiled older rustc, right? So technically it is bootstrappable.
So that means that there is a way to review the entire chain. Hopefully someone is also doing that.
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Lunduke exagerates everything, but that's besides the point, his argument is one logical, not a sensationalist one. Notice that this is not about Core, but the things we run algonside Core, such as LDK, LNDK, Ord, or, why not... even cargo-binutils.