If you build Emacs without having any MH variant installed, you get this message
No MH variant found on the system
The message appears multiple times (including once when compiling Gnus); it clutters up the build log for no good reason. MH-E should only warn if someone tries to actually use it and no MH variant can be found at that time.
RMS and Stefan Monnier have both called this out as a bug (see the thread starting at http://lists.gnu.org/archive/html/emacs-devel/2016-04/msg00077.html).
Forgot to mention: I've reproduced this with Emacs 25.1-rc1.
The message comes from the mh-variant-set call in the :set method for mh-variant.
This was fixed with a series of changesets starting with
The fix will appear in Emacs 27.1.