For the former, I kinda get it. It may need to be there for cases like with segmented address space where p+10 could actually be a value less than p, for the eventually generated assembly. Maybe it should be fine to create such a pointer, but have it be "indeterminate value" or whatever, if you try to compare that pointer to anything? I don't know enough about compiler internals to say one way or the other.
Dereferencing, though, can only be UB. There may not be a "value" behind that address. There may be a motor that's been I/O mapped, or a self destruct button.