In my experience, the moment you bring a non-MS Office document to a meeting with people
who pay you for the content of your document you are always risking to have problems/complains about one or more images going missing, the fonts acting strange, the print (either on paper or as a PDF) coming out wrong.
Granted, the latest episode was more than 5 years ago, but at 75USD for a local (i.e. non-cloud) licence I prefer not to take any chances.
Maybe "wasted" is too harsh a word, but I cannot say that in more than 30 years of work I ever found any real use case for non-MS documents.
If I am writing personal letters or putting together a few slides for, I dunno, my TTRPG campaign, everything goes, even Google or Apple stuff (both are free, the latter is free because it comes with the HW itself, if you use a Mac).
But when I know that there is a chance to get money for my document, the expectation on the customer's side is to get something that works with their Microsoft stuff, and I will comply.
YMMV of course, and I have surely missed any advance in Libre/Free Office for years. But as I said, I prefer to play it safe, and the cost of a licence is not really low.