We have been using our SMG for almost 20 years, it has been our primary external layer internet email gateway the whole time, and it has always had the Symantec Global Bad Senders action set to Reject SMTP Connection, and it worked as expected.
But we made some changes a few months ago and bought Proofpoint, and Proofpoint is now our primary external layer internet email gateay, and SMG sits downstream of Proofpoint. And our Proofpoint's IPs have been added to our SMG's internal hosts list.
Our SMG's Symantec Global Bad Senders action remained set at Reject SMTP Connection, and I totally expected that it would be rejecting SMTP inbound connections from our Proofpoint based on the header-derived original sender's logical IP address (if that address happens to be on the Symantec Global Bad Senders list).
But you know what this action did instead? It simply silently deleted the emails that came from someone on the Symantec Global Bad Senders list. And it was a legitimate email too, a very important one.