Correct, you can do IP over USB as long as you are hard connecting two devices together. For example, you would connect a phone to your Mac and use it as a IP tether to get to the Internet...
But if you wanted to plug in regular Ethernet cable to a Mac, that's a different story. I used a Ethernet-to-TB dongle that allowed me to plug in a Ethernet cable. In that case this no different than the various dongles out there that to USB-C to HDMI/DVI/SD or whatever..
Regards