TurboActivate doesn't use IP addresses at all as part of fingerprinting. At best IP addresses are interesting but useless information (they can be spoofed, re-routed, and inaccurate -- not to mention "duplicated" due to multiple devices behind a single IP).
We talk more about fingerprinting works in general: https://wyday.com/limelm/features/why/#hardware-locked-descr
>> "Is this expected, or am I doing something wrong?"
I don't know. A lot more information is needed. If you're just cloning a VM and TurboActivate sees the same computers as the same computers, then that's to be expected (and why we tell customers to disallow VM activations and instead use TurboFloat): https://wyday.com/limelm/help/vm-hypervisor-licensing/