That's quite absurd and that's why no shell is implementing it in its default mode.
 The standard's rationale and its illustrating example suggest that this was a botched attempt to have a regular built-in associated with a path, and let the user override it by having itstheir own binary appear before it in PATH (eg. a printf built-in associated with /usr/bin/printf could be overridden by the /foo/bin/printf external command by setting PATH=/foo/bin:$PATH).
However, the standard did not end up requiring that, but something completely different (and also useless and unexpected).
You can read more about it in this bug report. Quoting from from the final accepted text:
Many existing implementations execute a regular built-in without performing a PATH search. This behavior does not match the normative text, and it does not allow script authors to override regular built-in utilities via a specially crafted PATH. In addition, the rationale explains that the intention is to allow authors to override built-ins by modifying PATH, but this is not what the normative text says.
FWIW, I don't think there's any shell implementing the revised requirements from the accepted text, either.