This is an old topic...literally. In the times when tubes were dominant amplification devises, the output transformer was a necessity (one might say a necessary evil. The tubes are amplifying voltage, so that they work with high impedance loads. The loudspeakers normally have quite low impedance. Thus a transformer is required to match the output of tube amplifier and the loudspeaker. When first transistors have emerged, the schematic design did not evolve immediately. Thus, early transistor amplifiers were very similar to the matured at that time tube amplifiers.
However, over time it was realized that transistors work better and amplifiers of current as opposite for tubes which work better as amplifiers of voltage. Thus, transistor amplifiers can and do work well with low impedance load such as loadspeaker directly.
Now, still transformer (autoformer) can assist with the loudspearkers with various impedance...i.e. 4 Ohm vs. 6 Ohm vs. 8 Ohm providing more stable load to a SS amplifier. However, transformer alone is not a perfect transfer devise and making quality transformer for audio output is difficult and costs a lot of money. The typical issues with output transformers are: reduced damping factor and difficulties with driving complex loads, slew rate reduction, additional distortions, etc.
From my perspective, McIntosh polished out the technology and because of the quality, manages to make very good sounding amps. The majority of other brands simply moved on ( which at this point seem to be the right thing to do) and still makes good amps. At the end of the day it is not the technology but the end result that matters.
