You hit a nerve - but not a particularly painful one. Following mild rant is not directed at anyone here. It is directed at the code panels.
In this case, (step-up/step-down transformers) I absolutely agree with you (and the others). The NEC is clear. Good design and the physics don't require a primary OCP on the second transformer, but the NEC sure does. So, tough luck - put it in.
However:
[RANT-ON]
... Among the popular excuses I usually hear: "NEC is not a design guide" ....
As all know, per 90.1.A, the NEC self-proclaims - It is not a design guide. Excuse or not, it is not.
However, it is true that most of the design criteria deficiencies show up when one is building Grandma's A-1 Abrams factory as opposed to Grandpa's cottage by the beach.
... The code is pretty straight forward in my opinion.
And it is, mostly - but not always. There are sections that leave me wondering what were they smoking. And sometimes that requires
interpretation*. Generally speaking, if one is not trying to value-engineer the last nickel, and the intent is to have a job that is safe, reliable, and meets customer's operational spec, the work will exceed the NEC. Luckily for me, the AHJ agents generally agree with me.
[RANT-OFF]
If you got this far, thank you for listening
(*oh-oh, I used the "I" word)
the worm