Excel MVP's aren't about your skill level in using Excel
It is about your contribution to the Excel Community
You can read more about it here:
https://mvp.microsoft.com/en-us/
https://mvp.microsoft.com/en-us/Overview
You get a nice certificate and a very nice Glass Trophy
You also get access to all Microsoft Software
You have access to pre-release software before public beta tests are available
(eg: I have been using Excel 16 for about a year)
There are a number of Microsoft internal Forums and Chat Rooms where you can ask questions and solve problems
There is an Annual Microsoft MVP Summit in Seattle
It is free for MVP's but you have to get there and pay your own accommodation
If you are consulting in Excel or Training I think it would be a great award to have
It requires a lot of hard work and as a guide:
You need to answer about 1,000 discrete posts per year
Write articles or posts on Excel subject
Develop training or run training or an Excel based web site
I know that the owner of a very popular Excel web site didn't qualify this year as although the web site is popular and has detailed technical uses of Excel in the construction industry he didn't write enough and doesn't have a forum
It is all about contribution
You are audited yearly and it is rather detailed and they do check your statistics