The theorem results in maximum power transfer, and not maximum efficiency. If the resistance of the load is made larger than the resistance of the source, then efficiency is higher, since a higher percentage of the source power is transferred to the load, but the magnitude of the load power is lower since the total circuit resistance goes up.
If the load resistance is smaller than the source resistance, then most of the power ends up being dissipated in the source, and although the total power dissipated is higher, due to a lower total resistance, it turns out that the amount dissipated in the load is reduced.