Answer
This has been tied to which Excel desktop version is in use — the modern Microsoft 365 desktop Excel client can load a manually shared add-in manifest through Trust Center's Trusted Add-in Catalogs setting (pointing it at a shared network folder containing the generated manifest file), while older perpetual desktop versions (like Excel 2016/2019) have been reported not to work with this approach at all; if the desktop add-in doesn't load, first confirm which Excel desktop edition is actually installed before troubleshooting the catalog/manifest setup further.