When you're running multiple circuit conductors a very long distance it means that some conductors end up with a different impedance than others, for example: If one phase were constantly on the outside of a curve, it could be longer and see a higher conductor resistance than the phase on the inside of a curve. Or if another phase is always in the middle, it's gonna see a higher impedance because of the mutual inductance of both the wires on either side of it, etc.
A transposition just swaps around the conductor positions so that each wire experiences the same conditions as the others.
It's no different than how we're supposed to keep all wires the same length when doing parallel runs, only because you can't just coil up a bunch of slack on a transmission line when it gets to the substation, it means you gotta change how the circuit is run so that the conductor properties are still the same at the end.