Phono/Preamp Discussion: The Missing Link

I have been reading the threads about the best phono/preamps sections on planet earth, and the same names keep popping up. Most of these amps are in the $5000+ price bracket and are direct plugins for MC carts.

Builders are putting themselves through the ringer to come up with ways (multiple gain stages, Fets, Tubes, Passive EQs, interstage, zero feedback, dual mono, balanced, separate power supplies, balanced etc blah blah blah) to amplify an MC cart without noise in the most transparent way possible. The specifics of their ingenuity is only partially understood by me but the results are evident. Along with this comes the price tags that are big enough to keep most people to only be able to dream of one day having one of "those" preamps.

What is absent from these discussions, often, is: why not just get a good step up transformer and MM Phono section?

Are there any MM phono preamps, or even full function preamps with an MM section that can compare to the "uber" preamps when used with a step up transformer?

It just seems like there is a HUGE cost premium for the ingenuity required for those transparent and noiseless extra DBs of gain (MC over MM), so you can plug in your cartridge without a step up, and I am curious if that same ingenuity is needed for a MM section. Because if not, one could simply seek out a stellar MM preamp for a significant cost saving and connect an excellent SUT.

What am I missing here. Please correct me if my logic is flawed I am very interested in hearing your take on this. Thanks.