Compare this to IPV6 where you get a slice of the public address space to place your devices in and they are all directly addressable. In that case your crappy ISP router also is a “proper” firewall. Strangely enough it usually is a “stateful” firewall with default deny-all rules that tracks network connections and looks and performs almost exactly like the NAT version, just without address translation.

realistically, it wouldnt surprise me if ISPs started NATing on residential IPV6 networks, just for the simplicity, but still allowed end users to assign their own IPs if they so pleased. Given the surge in shitty IOT devices, that’s probably a good thing for most people. Though a firewall would also accomplish this as well.