If UTF-32 is UCS-4 restricted to 17 planes (1114111 char points) which requires 21 bits, what is the fourth byte doing?
The fourth byte is just sitting there, occupying space (which is filled with 0s).
In theory, a 21-bit or 24-bit interchange format could have been designed. In practice, those are both quite awkward. Few (if any) modern computers have 21- or 24-bit datatypes. Since 32-bit words are easy to work with, it is quite common to use them to store numeric datatypes whose maxima are considerably less than 231-1.