Very few products Microsoft sells would be worth buying by themselves. They exclusively make mediocre products that are merely the default choice once you've been hoodwinked into buying into Windows or XBOX. If the break Windows, all the money disappears.
You run your Windows Server as a DHCP server? That's $5/mo for the clients to get a DHCP lease.
Of course, one CAL covers all services for the entire client, but it's still funny to me.
Without any of that, does Office make sense anymore compared to something like GSuite?
Create a user, apportion a 365 licence and boom, they have email, Teams, OneDrive etc. Add them to some groups and they have all the files they need.
Excel is better than Sheets in ways which are important for 0.01% of users, but that is all.
I find so many companies that use GSuite still buy Office licenses for select employees. There is plenty of places that will just go all in 365 for that reason alone.