They were designed to be fast on very old computers. For the early versions of Excel for Windows, 1 MB of RAM was a reasonable amount of memory, and an 80386 at 20 MHz had to be able to run Excel comfortably.
To me, this suggests the opposite --- a complicated format would be difficult to parse efficiently. I found this document:
https://www.openoffice.org/sc/excelfileformat.pdf
...which shows that it's basically TLV, so for simple data extraction it doesn't seem so difficult after all. For example, if you're just after cell values, you don't have to care about fonts, printing, and other formatting info.