From personal experience, I can count on one hand the number of times that wd40 (edit: at least the canonical formulation) has been the best lubricant for a given application.
for me its that its not at all long lasting. I guess it's fine as a cleaner, but even light mineral oil hangs around longer.
oh right, it also seems to leave a gummy residue, which is really not great for machine tools
Being a recognized household name makes it infinity less likely you'll have someone complaining if you use it in a "nice" setting.
That makes it the "best" for a lot of "anything works" applications.