So coming here as a part of the OC leadership, I can cast an idea of how OC treat it atm.
1. Aside from indies, OC rarely fly into Lolberty on caps for a few reasons, be they personal preference (or lack thereof) or sheer time needed to get there and back (plus nasty asteroids if you are in a Ranseur). Therefore, Lolberty is relevant mostly for indie caps that just want to have some pews due to Liberty being one of the most active zones with easy navigation around. Treaty bans them and confuses with green ships threatening and attacking them. The right of the locals, of course, but OC OF will not sign under such a limitation for our indies.
2. Stemming from point 1, the Treaty and its divisions of zones of influences maybe was logical back when Disco had online over 100 people. Then activity was everywhere and capspamming even from allies might have been an issue. This is no longer the case and people struggle to find a fight. Bretonia being allied to Malta, Kusari and Gallia being dead, Rheinland being dead out of OC ZOI, for cap fight and other fights, as well as for piracy, people go to Liberty. As for piracy - many OC violating the treaty are indies-newbies who know Liberty well from SP or just feel familiar with it after starting there as a newcomer.
3. Even ooRP the treaty is no longer seen as beneficial for OC OF. For cardi selling we have trade agreements which are pretty simple: you want - you buy. Simple commerce. Sharing tech part mostly pertains to OC being asked to provide caps. InRP our caps are pretty fine and hitech so giving them away, even to allies, is a liability unless we are certain of what we are doing. Besides, it is hard to get even the snubs of LH shared, so no point in what is not working already. Other parts of the treaty are quite vague and not RP impactful, so no additional incentive from those.
So, the observation of the treaty is thus deferred to individuals and whether they want to do it personally or not. The LH and LR can do what they think is rightful as long as the ID allows it, so the playerbase is to keep that in mind. After all, this is an RP server where players create all sorts of RP. But that will stay rather an arbitrary non-binding RP.
Tl;DR if you care about the treaty - follow it, if not - don't. Current OC OF do not recognise it tho.