Sure, if Vout < Vin. OK, you can do a step-up inverter if you play games
with switched capacitors, but for more than a watt or two, the transformer
is probably cheaper if you want standard powerline frequencies.
There are designs that step the voltage up at high
frequency, so that a smaller transformer will carry the
power, then that high frequency is rectified to DC and re
inverted to a low frequency output, with no voltage change,
so no transformer.
There are designs that step the voltage up at high
frequency, so that a smaller transformer will carry the
power, then that high frequency is rectified to DC and re
inverted to a low frequency output, with no voltage change,
so no transformer.