e.g. copy a jpeg file and you can paste it into Slack, and it will automatically add the image to the post. Paste it into the terminal and you'll get the absolute path to the file. Those sound like sensible defaults that are essentially 'context sensitive paste'.
You could copy a link from a webpage and store both the HTML version and a raw-text version in the clipboard, probably a version that used an annotated string, too.
For the same reason, yeah... this isn't as intuitive when it comes to software like Excel.
Most of those are very specific versions of formatting or specialty features.
The only ones that would qualify as "paste without formatting" are "formulas" and "values" modes, and of those two I'd probably say "formulas" is a better default.
Even if it had, they might have made it the default, either to show of that styles copied over, or for consistency. If you paste a picture, you don’t lose formatting, either (of the picture, whatever that means, or any text in the image)
If you copied some text in MacWrite, for example, exited MacWrote, launched MacPaint, and ⌘V-ed into MacPaint, you likely wanted to keep the font, size and style.
Some programs also have several variants of “without formatting”. Excel is a good example (https://support.microsoft.com/en-us/office/paste-options-8ea...). Which one should be the default?