No. This means only the condition can be violated, not the inequality itself.It can be violated by a theory in which ##P(\vec a,\vec b)## isn't of the form as given by equation (2). This is the case for QM.
Triangle has 3 sides - yes?
This means: triangle with 4 sides is imposible.
And the QM reasoning - logics work in this way:
the square is a triangle with 4 sides; so, this fact breaks the reality;
and we are very naive beings, because we always believe it's impossible. :)