I was agreeing with you, but as I thought about it, I remembered MS Access. It is used, often ships with Office, but still isn't close to as popular as Excel. Either the model is wrong, or the need isn't there.
If MS prioritised working on it it may have helped lift some people out of Excel and into DBA-lite territory but not in its current state.
So if the data is coming from Excel, and being extracted back to Excel, why use anything besides Excel?
However, it is still taught in IT classes as a useful tool for small businesses, and it is.