Google Analytics is outclassed by many other tools, but it has two features that make it essential (along with its brethren, Google Ads tracking) for most enterprises.

One is the Search Console integration, which is the only way to see what Google search queries led people to your site.

The second is Google Ads conversion tracking and remarketing, which is de facto required to advertise with Google because it can easily 10x your Return On Advertising Spend, which is a key metric for digital marketing teams.

Without those two features, Google Analytics would be easy to drop. Many big companies already have other first- or third-party analytics tools they prefer.