This program replaced it, but I have zero info besides knowing it replaced BizSpark so might not be comparable:
I've bought numerous Windows 7 and a couple of Windows 10 keys, plus a few MS Office keys, never had any issues.
Sometimes, the keys would require phone activation, but that was ages ago. Nowdays they just work.
The providers give you a key that you can use to activate, and a link for the ISO, but that part is optional. The keys work with untouched ISOs, too. FWIW, I once downloaded the seller's ISO and compared the hashes, and they matched up.
I may have to add, I live in Germany, which is part of the EU, and the courts here have decided key resale is completely legal and MS has to tolerate it.
["Volume license software may be sold individually"]: https://translate.google.com/translate?sl=auto&tl=en&u=https...
[original]: https://www.golem.de/news/bgh-urteil-software-aus-volumenliz...
A stolen or misappropriated product key is almost as bad as a virus, though. It will work great... but only at first, until Microsoft notices that 50,000 customers are using it.
In this case it seems pretty justified to include this feature in the enterprise edition only.