I get a hazmat course every few years. Main content is absestos, lead, PCBs...
PCBs linger in our environment, and compound at the top of the food chain. Toxicity is known to be congenital too.
Incineration is normally how its dealt with, but diesel engine combustion passes unburnt fuel into the atmosphere. It's not going to harm the engine.
50ppm is/was(?) an EPA threshold to prevent the disposal venues in place from being overwhelmed. 'Classic' transformer oil had much higher levels. My guess is the oil in those has been changed at some point, and a 50ppm decal is a disclaimer against any residual content.
Copper transformer windings have really good scrap value. So the fact they haven't been recycled yet indicates some kind of obstacle.
At the risk of sounding like a hypocrite, I do burn WMO myself (self-generated automotive sources)... but I won't knowingly procure and burn PCB-containing oil in my truck. I guess that's where I draw my line.