Why does the Acapulco Gold sound good ?
Good in a context. If you like fuzzy stoner rock tones with low end flub and "mushy" response to chords and fast-picked leads, then yes, good. There are many fans of such tone, if nothing else it's very "thick". Would you ask opinion of guys liking traditional bright and gnarly crunch, and clarity on fast picked solo work or complex chording, or you might get another opinion though.
IMO, as long as a distortion box makes any kind of distorted sounds there are bound to be at least few people who like what it does... like there are bound to ne at least few people who hate it.
"Good" is a matter of subjective preferences. As such there are no universal rules to define what characteristics make a certain thing "good".
It has non-traditional ICs
...But not with an extremely non-traditional circuit architecture. Inside a LM386 you find a generic opamp circuit with few tweaks and decent overload characteristics.
Low input impedance
It has no pre-distortion filter (except it's loading of Guitar Pickup), no final LPF to control fuzzies
Like several old fuzz pedals it still introduces a pre-distortion LPF that limits intermodulation distortion. One can definitely hear the lack of hi-pass filter as poor note separation, and flubby and mushy low end.
...And under usual circumstances there is a LPF: Your amp amp speaker cabinet.
No real reason to claim that it emulates a particular named Amp
One should take all advertisements with a grain of salt, but similarly to old Model T' s there is very little low end attenuation prior to distortion, which effectively captures the flubby characteristic of the said amp. IMO, resemblence to Model T tone is very evident.
Yet it sells, and DIYers love building it
Looks great, sounds decent, is extremely easy to build.