Exactly. Nobody will get dinged for running peaks over 75kHz, assuming it's peaks caused by dynamic range. A station sounding bad, and a station exceeding 75kHz, are not mutually exclusive. I think we've all heard perfectly legal FM stations that sound like crap, potentially because of AM noise, dried out caps in older gear, STL issues, just poorly set up audio processing, or any combination therein.Stations that run over "100%" modulation don't have to sound bad. In one country, I established 125% as our limit as it fit within the bandwidth of home and car radio and allowed us to coompete with the stations doing 140% and more.
Again, 75 kHz as 100% is an arbitrary limit. The issue is not going to far over as you will exceed the bandwidth of the average consumer radio.