As I understand the lore this was a John Paul Jones arrangement which tinkered with a Brazilian motif. It was written around when Presence was being arranged/recorded. The problem at that time was heroin. Page was truly strung out as was Plant- to a lesser extent. Plant described talking to Page as "tapping on a thick glass". Jonsie stepped up and managed the sessions saving Page "Led Wallet" a fortune in studio time. Supposedly Page and Plant would no-show at studio time and get billed for it.
As for "just my opinion" as to why it was not played live: It's a radio song. The 1st 6 notes get repeated ad-nauseum and the Brazilian Carnival whistling and stomping is irritating. It's probably hard to duplicate in a 4 piece live presentation as well.
I'm not insulting anyone's preferences for or against this tune- just proffering my personal take on it. Obviously I'm a huge Zep fan and their worst stuff is superior to most other's work.