The size increase in hard drives around that time was insane. Compared to the mid-90’s which was just a decade ago, hard drives capacities increased around 100 times. On average, drive capacities were doubling every year.
Then things slowed down. In the past 20 years, we’ve maybe increased the capacities 30-40 times for hard drives.
Flash memory, on the other hand, is a different story. Sometime around 2002-3 or so I paid something like $45 for my first USB flash drive - a whole 128MB of storage. Today I can buy one that’s literally 1000 times larger, for around a third of that price. (I still have that drive, and it still works too!)
Excel is a spreadsheet, and spreadsheets like Excel are first and foremost aimed at accounting sort of tasks. Whether they actually need Excel versus something like Google Docs or Libreoffice is another thing. The big thing with Excel is that it gets used (and abused) to do things that it’s not really intended for doing such as those spreadsheets that are full of macros trying to be an application, or those spreadsheets that are trying to be a database, and so forth.
From an engineering perspective, I find Excel to be annoying because it’s clearly first and foremost an accounting tool, and some of its behaviors like the way it rounds numbers and tries to turn everything into a date is downright obnoxious. I still use it from time to time for quick and dirty things like whipping up a couple of plots quickly (and this doesn’t really need Excel… but at work all the computers have Excel), but otherwise for anything more complicated I’d probably switch to something else.