There are tools that are better for specific use cases, but Excel just can do the vast majority of use cases 95% good enough, so it's not worth changing tools.
On top of that, it's so common that everybody just knows how to use it. Don't need to train people on some super niche excel alternative when you can just use Excel. That benefit is probably understated.
netsharc
Excel (well, computerized spreadsheets) is a programming tool without needing to learn a super complicated programming language. Rather than type in a program where you have inputs and outputs that can be used as inputs for other functions, it's all doable in a spreadsheet...
On top of that, it's so common that everybody just knows how to use it. Don't need to train people on some super niche excel alternative when you can just use Excel. That benefit is probably understated.