People are respecting this law because why are we going to put our hobby under even more scrutiny? Not to mention, its a Federal law and a huge heafty fine when caught. I believe it's somewhere around $50,000 per animal.
I know I won't take the risk of losing my rights to own these reptiles, regardless on how stupid or pointless a law may be. And, I don't have $50,000 just laying around either, lol.