Why? well, because it falls over helplessly when anyone attempts to use it as a database. It's really not queryable. Because it's impossible to audit. Same formula in all 3700 rows of a column?

You'd think a team working on Formula 1 cars would be using advanced software, but nope... it's been discovered that an F1 team has been using Microsoft Excel for the Williams car build workbook.

In an alternate timeline, next season's Netflix drama will be all about the IT people fighting for funding and team principles finding a correlation between underfunded IT and poor track performance.