Pywin32 version 225 added support for Python 3.8 by providing the corresponding wheel archives.
However, the Python versions advertised in the setup.py files only go as far up as Python 3.7. That can also be seen by looking at the Pypi representation for pywin version 225, 226 or 227, which shows 2.7, 3.5, 3.6, 3.7, but not 3.8.
Since pip takes the registered Python versions on pypi with precedence over the provided wheel archives on Pypi, it cannot install pywin32 at all on Python 3.8.