An excel spreadsheet is usually easily auditable. The visual presentation and layout lends itself to review by others. You can click and point at values. Python and other programming languages require an environment and tooling that can't be easily supported across the enterprise. It requires source control systems and code review.
Programming languages are also too "dynamic". Using excel I can bring in a hard-coded report and link to those values in another tab. In python I'll have to save those to another file or re-query the data source, which may have changed due to new values being retrospectively added.
Python is the right tool for lots of analysis tasks, but for most corporate reports it's hard to beat excel. Programmers are also more expensive than corporate analysts. So you would end up replacing teams of low-cost high-retention analysts with high-cost low-retention programmers.