Unfortunately, the 2019 version is not available as a household buy like older versions. And the 365 comes with a yearly price and is kind of an online version that changes every now and then? That doesn't sound promising. Pity that Mac Pages etc. is not as developed as office.
Microsoft is
really pushing the subscription model for Office and not really making it easy to find info about the perpetual license products, but they are still out there for purchase. Places I've seen that carry it include the usual Staples, Best Buy, etc - you can even find them buried deep on Microsoft's own site - in the case below, Office Home & Student on their Canadian website.
The subscription version - several feature models to choose from - has recently had a marketing re-badging to Microsoft 365. You do have software physically embedded on your computer (like 'real' fully purchased product), and yes, it does 'call home' occasionally to do updates, but that's not a bad thing. But it is a subscription, so unless you keep forking out the cash, it will stop running when your year is up.
There is also the online version of Office - to compete with Google Docs, Dropbox Paper, iCloud iWorks, etc apps - but it's capabiities are more limited. Plus, of course, the biggest drawback - it's all virtual, relying on internet.
You're right - Pages / Numbers / Keynote - while free - have never been a real Office competitor. It 'could be a contender', but Apple really hasn't done much with it in years. Quirky and proprietary. Too bad. It's more like the old Microsoft Works suite - for home projects use.
There are also other well-regarded
free office suites out there - like LibreOffice and FreeOffice - and frankly, that may be the way I next go when my current 'Personal' Office subscription runs out.