Assuming we're talking C, not C++, the compiler doesn't need to know that the arguments are pointers to union members, because the union members are all aligned with the union itself and have the same address. So &u.f is not some magic special pointer, it's the address of a float. So is (float *)&u. The example in the standard I think you're referring to relates to a special guarantee made about unions of structs that have a common initial sequence, that their common initial sequence can be read from either union member (AFAIK a guarantee not otherwise made about structs that share a common initial sequence).
If your func(&u.i &u.f) example fails it may be because the standard is picky about pointers of different types to the same memory. I have no idea whether it is, because I've never had to do anything like your example.