>Lots of sport here, unless perhaps they cool off IPs before reallocating, or perhaps query and revoke any certs before reusing the IP?
I don't see how this is any different than custom/vanity domains you can get from cloud providers. For instance on azure you can assign a DNS name to your VMs in the form of myapp.westus.cloudapp.azure.com, and CAs will happily issue certificates for it[1]. There's no cooloff for those domains either, so theoretically someone else can snatch the domain from you if your VM gets decommissioned.
[1] https://crt.sh/?identity=westus.cloudapp.azure.com&exclude=e...