Microsoft Office is deeply intertwined with the Windows Registry. When you install Office 365 legitimately, it writes over 5,000 registry keys. These keys manage file associations (so .docx opens in Word), COM objects (for macros and add-ins), and licensing tokens. A "portable" version would have to fake these entries on-the-fly, which is beyond the scope of a simple compressed archive.
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: These downloads are often "baits" for malware, including infostealers that scan your computer for passwords and sensitive documents. Microsoft Office is deeply intertwined with the Windows