I mean, any 32-bit unsigned integer is a valid Unix timestamp up until 19 January 2038, and, by extension, any u64 is, too, for far longer time.

The only promise of Unix timestamps is that they never go back, always increase. This is a property of a sequence of UUIDs, not any particular instance. At most, one might argue that an "utterly valid" UUIDv7 should not contain a timestamp from far future. But I don't see why it can't be any time in the past, as long as the timestamp part does not decrease.

The timestamp aspect may be a part of an additional interface agreement: e.g. "we guarantee that this value is UUIDv7 with the timestamp in UTC, no more than a second off". But I assume that most sane engineers won't offer such a guarantee. The useful guarantee is the non-decreasing nature of the prefix, which allows for sorting.