Think about integrating calendars, corporate contacts (from AD), handling RSVP replies said mx server receives and updating the calendar server, securely deal with modern auth (+ legacy krb5 auth, yuk). It's a huge hassle and everything except Exchange only handles 80% of this.
Modern expectations now want: web clients (OWA), todo lists, integrated storage (SP/OneDrive), and push notifications to any phone from any vendor.
So yeah, the only on prem solution is still Exchange.