Technically, the same thing can happen with a physical SIM. I tried that with a Nexus 5X on Verizon and that's how I learned their network has an allowlist system.
How does the carrier even know what phone you are going to use? My last SIM was bought in store at T Mobile, for cash, and I can freely move between phones. I never buy phones from carriers. My Pixel as bought directly from Google and immediately flashed with Graphene.
I had a testing phone and my regular phone, I kept swapping the same Verizon SIM between them. It worked for maybe 3 swaps, then Verizon blocked my account and sent me an email: suspicious activity detected, the SIM is blocked and cannot be restored, the contract has been terminated, you will receive the refund in mail.
Good riddance, US Mobile is so much cheaper and pleasant to use. I am scared to swap SIMs with them now though.