Here's why:
* Mystical Space Typhoon's effect: It negates the activation of a Spell/Trap Card and destroys it.
* Fire Formation's effect: It activates in the Spell & Trap Zone and is a continuous Spell Card. It gives a monster you control an effect based on its Type.
When Mystical Space Typhoon chains to Fire Formation:
1. Mystical Space Typhoon resolves first, negating Fire Formation's activation and destroying it.
2. Because Fire Formation is destroyed, it cannot remain on the field to apply its continuous effect.
Therefore, the monster you control will not gain the effect from Fire Formation.