Here's a "you might get lucky" option... since this is sort of a press fit with a rivet, see if a pex band will slide on there.
Pex is a flexible plumbing product, with plastic tube and fittings which are joined with copper bands that you compress with a circular tool. You could probably just walk into a big box or tool rental place and compress the band.
Other than that... drill out the rivet, pull the pin, roughen the surface of the pin and the inner wall of the tube with coarse sandpaper, JB Weld (stronger than epoxy with steel - epoxy is brittle and would likely loosen over time), force the pin back in (the JB is thick stuff and will probably make it hard to get the pin back in, which is good) and have a machine shop properly install a new pin or taper pin - they'll ID what needs to go in there, it may just be a really butch rivet. Or just take them to a small machine shop and ask for a quote.
I have a Matthews beefy baby with a pin that wobbles like yours, but I don't fear it totally failing. That's a pricey stand though, if you can't fix this to where it feels safe to you, reserve those stands for flags, cards, tiny fixtures, small reflectors.
You can buy a Matthews "steel kit stand" at B&H for $80 or so, and for the dollars they're great, almost rated like a beefy baby for weight and they're all steel. I wouldn't spend too much time fixing a cheaper aluminum stand, specially since there's so much lightweight stuff on set that needs support from a lighter stand.
BTW, c-stands are pretty overrated (unless you never transport them and don't need the more expensive turtle base to make packing easier). A Beefy baby holds more weight, is harder to tip, and costs within a few bucks of a turtle-base C, and are easier to pack and transport.