I feel like excel is still used everywhere because it's the kind of Jack of all trades.

There is a better alternative for all the applications excel is used for but no alternative that can do all at once.

Not developing it further? They are bound to their shortsightedly developed xlsx format and they need to make sure legacy stuff doesn't break... However, the Win11-style redesign is a regression, and the Czech spell checker has been flagging a completely normal verb class as ancient for years, and the heavily-touted Web Sources cannot even parse JSON. They also keep adding shit like Online Images (with Bing), automatic image recognition that I imagine collects shitloads of AI training data and of course support links that only open in Edge even though it works no better than your default browser. I wonder where the prosecutors who brought M$ to court for bundling IE with W95 are today.