I do get your point about Excel not being a good fit for project management (the company I work for uses google spreadsheets to much the same effect).
But you are missing one key piece--everyone either knows how to use a spreadsheet or can learn quickly. Therefore, it is the lowest common denominator--a new employee can be up to speed on using Excel as a project management tool very quickly. That is in contrast to most of the specialized tools, which have lockin and training costs.
I do get your point about Excel not being a good fit for project management (the company I work for uses google spreadsheets to much the same effect).
But you are missing one key piece--everyone either knows how to use a spreadsheet or can learn quickly. Therefore, it is the lowest common denominator--a new employee can be up to speed on using Excel as a project management tool very quickly. That is in contrast to most of the specialized tools, which have lockin and training costs.