One of the problems with Excel at scale is that different departments within the same organization might use completely different approaches. Different people in the same department night. When you add versioning what you may end up with is an out-of-date "master" that's occasionally updated from the spreadsheets everyone is still passing around via email.
The email thing happens because that's how people who use Excel handle versioning. They'll end up with nested folders of emailed spreadsheets they can refer to or import into their personal approach. This works well for them, especially since they might work offline frequently.
