If we put aside the Word file format, and maybe the ribbon, is Word bad though?
I've been using it for decades, and have tried OpenOffice and LibreOffice too over the years - nothing comes close to Word.
Markdown is not suitable for "normal" users, but as a developer, I've come to prefer markdown for technical documentation and such (especially where I want a history, diffs etc), but I still use Word for a lot of other things.
Word is incredibly fully-featured - I use a lot of functionality, but am likely still only using a fraction of what it has. It really does have all your document editing needs covered.
Aside from the file format, I think Word is a fantastic piece of software. I have a few annoyances with it now and then, but it's been very dependable and kept me in good stead over the years.