They are most usual for distribution grids (mostly residential and low consumer commerces/industries) in both overhead and subterranean applications.
In substations or big industries they are still used for auxiliary services within the power and voltage range I've said (up to 1250 kVA and up to 33 kV).
The corrugated wall have two functions:
1 - Heat dissipation: It's a low cost solution as they work as tank wall and radiator (a lot of material saving), but it's limited to trx of a few MVAs as much, beyond that it becomes impractical.
2 - Oil volume compensation: In hermetically sealed design (like the picture above), where the trx tank is completely filled with oil (there is no gas blanket, as usually goes in ANSI world), they have also the function of compensating for the oil expansion as those fins are flexible (to some extent).
Some costumers don't like this design for this #2. Flexible tank walls means that the vacuum/pressure tests you can apply to this design are much lower than in a traditional one and if not correctly designed you could have sealing problems in extreme service conditions (very low ambient temperature and unloaded or high temperature and full loaded). Adding a conservator or a gas blanket might help with the latter.
Hope it helps.