Just a few weeks ago there was a slashdot post via the Reigster giving a good clue as to why people still pay for it versus LibreOffice/OpenOffice versions or Google Sheets:
"Finance, for example, still relies on Excel because Google Sheets can't handle the necessary file sizes, as some spreadsheets involve 20 million cells. "Some of the limitations was just the number of cells that you could have in one single file. We'll definitely start to remove some of the work," Jestin told The Register."
You might say, "Well, if you have 20 million cells in a single spreadsheet you're doing it wrong" but excel has been abused in all kinds of ways for edge use cases and it will take it, and that's why people still use it. People have found it enormously useful to crunch vast amounts of data, and sometimes it requires astonishingly large cell counts. The world excel championships show just now useful it is for so many things. At an aerospace company I worked at, excel was the primary tool to calculate suborbital and orbital rocket trajectories given initial specific impulse, drag, mass, etc. The person who created the spreadsheet was a math and physics genius, and I referred to him as 'the Excel whisperer'.
Large companies that pioneered a piece of software have a first mover advantage, and then when they get big, they can afford to keep plowing money into improving the software and adding features to keep ahead of the competition that is less well funded, or relying on volunteers in the case of Open Source.
I ran into a similar problem trying to switch from Solidworks to a much cheaper lookalike competitor, as when you started to dig down there were some critical features that I needed that were just completely missing. I have the last bought and paid for version of Solidworks that they offered (2022) with no subscription, works great for my needs.
I use excel these days for a very complicated cost calculating sheet I developed to sell a particular product line with many different options. It calculates shipping weights and volumes critical for international container shipping quotes. It's a godsend. This sheet could be replicated on one of the free pieces of software, but since I own an Office 2019 desktop license outright, I'll continue to use it until I can no longer install it on future computers. You can still purchase a copy of MS Office 2024 desktop outright from Microsoft for $150. They don't advertise it much, but it's there on their website. I don't generally do software-as-a-service subscriptions, with a few very narrow exceptions. That's the one thing that will finally drive me away from Office, when 365 is the only option.