Using "out of bounds" is a bannable offense?
You tell me
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No, It shouldn't be, it's a technique just like portal bumping, standing, peeking...there's to many to count. I was actually thinking about making a post about all of these to bring knowledge to the forums.
Yeah, the difference here is you are exploiting a bug in the game engine, and not portal physics. I promise you that going outside the world brush boundaries was never an "intended solution" to any part of the game.
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I emailed Jeep Barnett to see if they can make an engine update to make going out of the world instantly kill you.
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By no means am I saying it's not an exploit, and I do realize that this isn't a speed running site, but might I say this: Me and Kich are experianced in OOB, we can help the map makers prevent it from being done (it's not hard to "disable" the ability to OOB), the post that you learned of the term on (aldez's test chamber) was actually relatively hard.
On top of that, no one would ever consider an OOB route to be comparable to a normal route, even in the speed running world they're known as two different things.
Might as well email them and say going into noclip should instantly kill you.
They actually made OOB'ing harder, since you used to be able to run around outside of the map, now you have to be near a portal.
Do you really think that is what I said, or that they are equal? You are dumb if you do.
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But I am dumb. 
I don't really see why it would be a bannable offense, doing so isn't an attempt to offend people it's just showing them that it's possible. Not exactly sure how you'd really enforce that to begin with.
As Siiig brought up, it's more to show the person that it's there and that they may want to fix it. Valve has already taken measures to disable it from happening, if you go too far outside of a portal you become stuck.
Also, technically it is a manipulation of portal physics; it's just a matter of "where" rather than "how." It's the same thing as edge glitching, you're just doing it at a place that would put more of your body outside the map than in.
If someone were so inclined to prevent it however, they may just be able to encase their level in a giant cube of ooze; it would cause you to die if you were to leave the level's walls.