thw wire was coming off a spool and appaeared to have machine woven cotton insulation,
yeah, the core is made from scrap, not from a transformer alloy so it will need to run lower flux levels to avoid saturation.
I'm sure they are better than 50% energy efficient, a microwave oven transformer is better than 70% efficient but still needs forced air cooling - these are larger and have no mechanical cooling.
However they aren't space or mass efficient. If their customers are all nearby the extra shipping costs caused by this bulkiness are not a big problem.