As to how and when they're issued, section 3.2.2.5 of the Baseline Requirements explains how an Applicant can prove this is their IP address and so they're entitled to a certificate for that address. Note that the CA is entitled to choose which if any of the methods listed in 3.2.2.5 they will use, and it's not uncommon for the answer to be "None of them".
https://cabforum.org/wp-content/uploads/CA-Browser-Forum-BR-...
That's not what the baseline says:
> The CA SHALL confirm that prior to issuance, the CA has validated each IP Address listed in the Certificate using at least one of the methods specified in this section.
You are confusing 3.2.2.5.4 with "no verification". It's done, just that the baseline trust that you are not an idiot and have some basis to confirm the ip address belongs to someone. And even that particular section has a sunset clause:
> CAs SHALL NOT perform validations using this method after July 31, 2019. Completed validations using this method SHALL NOT be re‐used for certificate issuance after July 31, 2019. Any certificate issued prior to August 1, 2019 containing an IP Address that was validated using any method that was permitted under the prior version of this Section 3.2.2.5 MAY continue to be used without revalidation until such certificate naturally expires.
I meant that it's not uncommon to just not issue such certificates, rather than you don't verify but you issue anyway, you don't verify because you always refuse to issue.