Besides clipping, diodes have capacitance to.
It was probably some designer listening, and tried it with and without diodes and personally liked it better with. The capacitance rolls off some highs that people don't want for bass anyhow. As one pushes the amp the clipping diodes soft clip and let the player know their reaching the upper limit. Ampeg's new line of tube amps use these clipping diodes also. The diodes seem to be part of the Ampeg "Signature sound". It's just not "all tube" as they advertise. Doesn't need to be if people didn't think solid-state was some kind of poison, and just took the amp at what it sounds like.
Personally I think the diodes did originally protect the power amp banks A/B from glowing red.
At the Rolling Stones tour it sometimes happend that bank A or bank B randomly started to glow red so the engineers had to implement a "protection" on the fly just to fix the issue. The power amp driver stage was redesigned anyway after the tour ended but "very likely" the diodes remained, may be for "additional" protection purpose or may be for sound reason as well?
IME the svt needs little more voltage than stated at the schematics to push 300 watt at the output terminal.
And I think it's lacking in practical relevance to bench mark a MI bass amplifier with narrow-minded THD numbers anyway.
I'm pretty sure the svt would hit pretty good THD numbers if there were no diodes present at the input stage of the power amp but, I see no reason to act like a nit picker on probably the most famous bass guitar amplifier in the world.
(hope nobody feels offended due to some direct words)
The TE V8 has got similar diodes but in this case the diodes can't impact the signal like it it happens with the svt. At the other hand side the TE V8 is known for it's sudden coming saturation.
Other amplifiers (without additional driver stage) hit lots of THD due to take-over THD at high levels but, amplifiers like svt and TE V8 don't do so.
In my opnion MI amplifiers shouldn't be THD bench marked like audio amplifiers.
I think it's more of interest which kind of THD and spectrum MI amplifiers can push at around 50% of rated power.