It would be possible to fix Rainbow by changing the parameters. However, this would significantly increase the key sizes and slow down the signing and verification algorithms, which would make Rainbow less efficient than the so-called Oil-and-Vinegar scheme, a simpler algorithm that Rainbow was based on. Instead of reviving Rainbow, it would be better to use the related Oil-and-Vinegar scheme instead. Oil-and-Vinegar is simpler and better understood, so we have more confidence in its security.
Our work has shown that powerful attacks can go undiscovered for many years, so we should still keep investigating Oil-and-Vinegar and looking for weaknesses more carefully. The only way to build confidence in the security of cryptographic algorithms is if many smart researchers try to find weaknesses and end up empty-handed. So Rainbow is dead. What does this mean for the quantum-safe algorithms that NIST selected for standardization? Not very much.
Those other algorithms are based on completely different mathematics, so there is no chance that our techniques can be used to beak other algorithms. Moreover, Dilithium, Falcon, and SPHINCS+ have had a lot of scrutiny from the cryptographic community and there is strong theoretical evidence that they are secure, so it seems unlikely that anyone can come up with a practical attack on one of these signature algorithms.