You are not doing anything wrong, it's just that an excel file IS an (attribute) table, it doesn't contain any geometry, if you want to display it as point you have to use one steep more to tell QGIS what attributes needs to be converted to geometry.
The first way of doing this is to convert your Excel to CSV as when adding a SCV you could specify geometry column, if you can't/dont want to convert your Excel file to CSV you could import it as a table (as you already did) and use the "Create Point Layer From Table" tool (you'll find it in the Processing Toolbox, in the Vector creation group)
