It depends on what you are driving, but it is done for security reasons, you don't want to loose a port on your PC for a short or mistake on the other side. If you try to pull to much current out of the port you will damage it. So to avoid those problems you use a chip. Yes you could use transistors, but by the time you have all the biasing components for all the lines in the parallel port, you use a lot of space and time putting in together. Why not just use a chip instead? There are plenty more chips that can be used instead of the 74ls374 it is all upto you.
Ivancho