Are the crazy morphs close to natural asian arowana? Not a chance. Personally, I hate the morphs and how they've gotten away from natural fish. All that time, money and those resources could be focused on saving an endangered species. But that is just me.
However, the law is there to prevent the endangered animals (as a species) from being in the US pet trade, which is does. And as long as nobody is doing anything to restock natural habitat with natural strains of them or do a current wild population study to prove they are no longer endangered, then they will continue to be on the list - and out of the US. I'm still shocked how many people complain about them being endangered, but so few are willing to do anything about it.