Why should it be allowed to return a valid pointers anyways? Surely it should always return NULL?
The point of the original C Standard was to make rules about these things AND not break existing implementations. They recognized that (a) and (b) were in existing implementations and were reasonable, and they chose not to break the existing implementations when writing the standard.
This is similar to the extremely unfortunate definition of the NULL macro. There were two existing styles of implementation (bare literal 0 and (void *) 0) and the Standard allows either style. Which means the NULL macro is not entirely safe to use in portable code.