Edit: To be used as a guest bedroom, we tend to reorganize a bit (such as moving the pets to the master bedroom) but primarily we consider it the "guest bedroom". It sounds a bit nicer than "arbitrary spare room".
I’ve seen people run actual companies and they needed a ton of space to keep legal documents, spec books, and a professional grade printer to copy binders of docs. They were fully utilizing the room.
But I doubt most people run companies, and personal docs usualy fit in a single box. Most people also use laptops, consumer printer/scanners are pretty unobtrusive, if people even keep one.
All of that would fit in half of a cabinet, so what I am missing that goes into an office room ?
For me personally, it's nice to have the room set aside for "work", keeping me a little less distracted.
But the most important reason for a dedicated office is to keep the cats out of my computer gear. And now that we have a toddler back in the house (S.O.'s grandkid that we are raising), keeping him out too.