Because the transformer does nothing of the sort - as it cannot pass DC.
The op-amp and associated circuitry directly pick the phantom (common mode) voltage through the two 6.8 kΩ resistor and the 0 V connection.
The transformer is rather used to isolate the output of the op-amp from the phantom voltage, letting only the amplified mic signal pass through and not the DC offset at its output.
EtA: Why a transformer, one may ask, instead of a simple capacitor? To provide both polarities of the differential signal.
The top transistor provides a soft start supply to the op-amp and slightly reduces the voltage (probably the op-amp is a 741, capable of working at ±22 V - be careful if you re-implement this with more modern op-amps), and the bottom one polarizes the + input to about half of the supply, still soft starting.