The main purpose is, of course, avoid that the propeller hits the water (or ground).
In the other hand the thrust is applied above the CG point of the aircraft. This introduce a considerable moment arm that, translated in manovrability, means an unwished tendence of the plane to dive when the power is suddenly increased.
So we add a little pitch angle up on the engine pod. Because the prop is forward of the CG, this helps counter-act the nose down torque of the high mount when thrust is applied.
The advantage is to counter-act the tendency of a plane to climb when thrust is applied. Many aircraft have down thrust angle even when the motor is mounted in front of the fuselage near the center of gravity, rather than above it.
In design, this plane is essentially a low wing PBY Catalina. Amazingly, it was bested in the 1925 Schneider Cup races by two biplanes: the Gloster IIIA and the Curtiss RC3-2 (flown by none other than Jimmy Dolittle). It could not be raced at full throttle due to wing flutter issues.
Macchi would go on to set a speed record for all piston aircraft with the M.C. 72 at 440 mph in 1934, a record that would stand for 5 years.