Issue I have with that approach is not using excel per se. It is using Eycel in addition to what ever system is being used the first place (SAP for example is a pretty popular thing to circumvent with Excel sheets). That and over engineering spreadsheets to the point where nobody but the creator can use them anymore. At that point you data just gets suspect. And circumventing existing systems with local offline spreadsheets just screws up everything. Now combine these two.
But that has less to do with spreadsheets themselves, see my fist point regarding cross docking, and more with the application. Used correctly spreadsheets can be incredibly powerful. And at least for my purposes I have yet to encounter an analysis issue I failed to dig through using Excel. Sure, something like Python might have worked better but consider me to be an empowered user (read: I have no clue about Python or SQL or...). And at least I knew I could trust the way the analysis was done as intended.