Tell me what other piece of software gives so much turing-complete power to non-technical users.

"Karen" can literally write programs with little training, there's memory, there's functions, there's references, excel is the best.

Problem arises when "Karen" leaves the company. Then the company asks the "IT guy" to "help" with that Excel sheet on a shared. Again, as I highlighted Excel sheets is not a 'consumable' software. OK to use for one time things, but in a long run it's most likely a mistake.

We never ever see this scenario happen with code :-)

Famously Jane's Street started by using excel automation for its core trading business.

I do not particularly like excel, I find it interesting but often obtuse and limited in annoying ways and I agree that for an established workflow using "proper" code is generally better. But imho where Excel excels is in dynamic exploration and supporting decision making, where the type of analysis and visualisations you might want to do can change radically and quickly