"Morph" isn't entirely accurate in my opinion. This is more of a fade/zoom/twist in and out. There are two independent animations happening. The icons aren't actually morphing from one shape to another from each other.
This may sound like a technicality, but I've been looking for something that actually does that. As in, a script that takes two svg paths and 'blends' them from one to another.
They are morphing. Try to set duration to 5000 and notice how paths transform.
Most of it looks pretty bad, though. The fact that it looks like "fade/zoom/twist" is not a good sign.
This reminds me of Marka