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[tywyll2017]

With these "cheapie" keys, what I personally find is that they do "register", but with a 3rd party KMS Server.
So, they are sold volume license, to that company, by Microsoft. So, MS allows updates, etc. All in order.
Example...Any Windows Enterprise is not sold retail, but, to a company in a Volume License, who sets up their own KMS Server, to manage key distribution and verification.
It is actually not legal to provide keys to anyone outside of the organisation. THis is where they grey area comes in.
THere is a loophole that you may use a KMS VL and create images for retail and OEM versions. Not the other way around, though.
But, the catch is that it, the receiving client, must be on the same organisational network.
What happens here, is that on the setup, they are now pointing these cheapie licenses to the 3rd party KMS Server, and not MS directly.

When you log into your "legit" Microsoft account, these keys do not display.

A problem can arise if the KMS is set to refresh every say 6 months. Then, if you cannot connect to the KMS Server of the 3rd party for this, then you will start getting warning messages that they key is not valid.

1)Explanation of different licenses
Retail license is allowed to be resold.
OEM license, not allowed to resell, unless you sell it with the original PC.
VL not for resell

2)How to check your license

3) Loophole in VL arrangement

4) There is also another license type that people use, called a OEM System Builder, where you may install OS on third party computers, and it will be retail versions.