I know it's not a direct answer but that's how it's laid out in the C# Language Spec (§2.5).
The pre-processing directives provide the ability to conditionally skip sections of source files, to report error and warning conditions, and to delineate distinct regions of source code.
I don't think it's ignored by the compiler, it just doesn't have any effect. It's still considered a conditional compilation from the lexical processing point of view and, therefore, in line with some of the other pre-processing directives. From the spec:
The lexical processing of a region:
#region
...
#endregion
corresponds exactly to the lexical processing of a conditional compilation directive of the form:
#if true
...
#endif