It kinda makes sense on some level, as PPP is effectively a virtual interface that is created/destroyed dynamically and (as I understand it) is pretty much blind to what interface its actually running on, all it cares is packet goes out, PPP server responds and connection established.
When you think about the fact PPP can do multi-link it makes even more sense, it would have connections over multiple real interfaces that presumably show up as a single PPP interface? So it wouldn't make sense to treat PPP as taking over the interface, its not working in the same part of the network stack.
Basically, as the PPP interface is independent of the NIC itself, so far as the network stack is concerned there is no protocol running on that NIC (eg TCP/IP), so its effectively unallocated. The only caveat is changing the MTU, presumably why they decided to just include this automatically based on what you set for the PPP interface.
Its always fascinated me how this works actually and why I used VLANs to talk to my bridge-modem when on the same port. As I figure if you use it with untagged traffic too, then surely anything destined to that port will leak over the WAN bridge? Broadcast traffic specifically would surely go right out the telcos network?