I can see how that can work for simple cases. Nesting components is going to get tricky though if the classes don't operate exactly the way the hooks expect.
Of course that's the problem: someone built hooks for their trivial cases and now they're the 'preferred' approach...
Edit: To clarify, 'simple' is going to be context-dependent since hook behaviour is. If your 'driving skeleton' of hook-based components is in the direct uninterrupted ancestry chain of every class component, you're probably using hooks in a near-ideal case.