I'm a very experienced color guy, just because life sent me down that road. I generally prefer black and white for my own work, but not always.
Color is a perfectly valid medium, just as is painting with colored pigments. If one is to use color in photography, the color really needs to have some function that is truly essential to the particular work, not just an accidental element. I have shot lots of color imagery, when color is what I'm seeing; if color is, so to speak, my "subject".
To continue the analogy for comparison, black and white is more like drawing. Modernist relic that I am, I see my work as dealing with form, value, mass, line, etc. - basic visual elements used together to produce some sort of statement (the term is necessarily loose in its definition) in visual language.
Having worked in a number of labs and studios, I've seen some million or so color images. While I sympathize with and understand the idea that color is for snapshots, the mundane, I have to say that if you see work done by a real master of color, like, say, Eggleston, it destroys that argument altogether. Better to say that it is generally USED that way, not that it IS that way. Color is most often used casually for "pictures of things". If someone's medium is color, that's another thing altogether.
Likewise, if we consider that black and white is inherently transformative, I think we get into similar trouble. Black and white is often used for illustrative purposes. I once printed a lot of bw images of railroad cars for Paccar, a big company that made them. Would I call that transformative? No. It does show the car's form and construction better than it would if the image had a color overlay. So, in this instance, the idea that black and white can simplify is a salient factor. Illustrations of specimens in botany, etc. are very often done in BW both in drawing and photo because they often show information about the subject better than they would if they were done in color.
But can BW be transformative? Sure. Just take a look at Minor White's work. Can color be transformative? I've seen it, and I've done it.
I think all the comments so far have truth in them, especially if confined to a particular image or type of image, or someone's personal vision, but if we try to nail it down to just one factor, I don't think it works. No single factor can apply for all possibilities.