When I try to place a formatted Excel table is loses the formatting.
Separate Excel sheet with just the table.
According to your screenshots, your table is being dressed up as "Basic Table".
Instead, carefully pre-build cell styles. Then pre-build Table Styles that knit the cell styles together.
Now you are ready to place and choose your Table Style to dress your Excel table data.
I thought that if I place as a formatted table, it would bring in the Excel formatting.
You don't actually have Basic Table selected - Table Style is grayed out when you choose formatted table.
BUT -- there is a dialog box that pops up whenever you place a formatted table, and it defaults to changing back to un-formatted. If you just hit return without looking, you could be unwittingly de-formatting your table on import.
OMG. That is exactly what I was doing. Just clicking OK on popup box. I didn't actually read what the box was saying. Dumb rookie mistake. Thank you.