Simply put, different markets. Students are now using Google Docs, and Sheets works well enough to plan out your holidays.

For someone that spits reports or jangle number all days, G-suite is a poorly thought-out joke.

A simple exemple: it's impossible to make custom styles in Docs. You can just redefine existing styles. And you can only apply one of these styles per paragraph (you can however, manually bold or change the font of some span within the paragraph... but not apply a premade style on a span of text smaller than a paragraph).

Even if the basic issues are fixed, Office is a powerhouse of features for power users, who'll keep paying good money for it, because it's well worth it.