You could use that faucet legally in probably a sink with a wall-mounted control, the diverter maybe going from spout to spray attachment.. There is at least one state that makes it illegal to sell, import, or install a non-compliant faucet, but no federal requirement that stringent. When it comes to something like car parts (lights come to mind, along with say mufflers), in the fine print, they say 'for off-road use only', but lots of people install them on their road cars. There may be a similar 'warning' on the valve's documentation.
Personally, I think it's kind of dumb to avoid the useful anti-scald tech. Note, you could probably install a pressure balance valve on the supplies, and technically meet code, but the complication and cost seem kind of over the top to maintain an old look. If you want or need to pass an inspection, the easiest way is to use an all-in-one solution.