I have discovered the real use of this feature is to mainly prevent users from registering until they satisfy conditional access. It doesn't force registration only, it also limits you to a condition in order to register. Therefore it doesn't work well if you have guest users that need to register for MFA. It really was designed to use a block access control and limit the registration to a location IP and/or company device.
This solution won't work for us since we have a diverse population and set of conditions and all types of users need to register. We don't want to limit their registration with a block access control. We do need them to register though. We have had to hack a solution together since we don't have P2 licenses.
Now that we know the facts, we know that we won't be implementing this solution. Also, before anyone replies, yes we know that you can require registration through Identity Protection, but this requires a P2 license. We also know, there is an "Enable Security defaults" but this doesn't serve our needs since it is too simplistic.