Having transposition be a property of a track makes it easy to move notes between instruments that play an octave off from each other. For instance, my Triton plays an octave lower than General Midi instruments, so if I want to switch between a Triton bass patch and a Dimension pro bass patch, I find it easier to move (or copy) the clips to a different track (with a +/- 12 key offset) than to select then entire track and process the transposition (and remember to do that only once).
Also, if you want play your keyboard an octave lower, the easiest way is to set that track property. Having to play an octave too high, and then transpose later, compromises the performance.
Of course, since the inspector lets us transpose a track, we in theory should not be grumbling, but it sure is painful to have a frequently-used feature disappear or become harder to use, as this one has.
My guess is that Cakewalk just didn't know which features people found handy and which ones never got used, and made assumptions based on developers' and/or newbies' preferences. This of course makes us long-time Cakewalk supporters feel "dissed". Hence the ****ing.