Recently, a new mechanic advised me to replace the coils which I did and it still has the same issues.
Classic.
the spark plugs get fried
What do you mean by that?
Here are five easy checks I'd start with.
1. See if there's any (intermittent) arcing between the HTleads or plugcaps and the engine (= GND). Best seen in the dark.
2. Check the condensers. At the breakerpoints a tiny bit of sparking is normal, excessive sparking is not good. See:
In the vid left condensor (1+4) is bad, right condensor (2+3) is good. Whilst you're there, also check the spade connectors at the breakerpoints do
not intermittently contact the baseplate (especially 2+3 can touch easily!).
3. What do the plugs look like and whilst you're there, check the resistance of the plugcaps. They should be around 5000-7500Ω (some say 10kΩ). All four should read more or less the same resistance. Screw the caps on to the leads again firmly. BTW, replacing sparkplugs can work miracles.
4. Does fuel reach the carbs unhindered? Check by opening the drain screws. No 'extra' inline fuel filters I hope?
5. Slow jets are often the culprit, the more if bike has sat for a long period of time. But then we first need to know what model CB550 you have: one of those with the oldstyle Keihin carbs or the CB550K3/K4 that had the newstyle PD carbs. We'd also like to know if you have a timing light to check the advancer.