I concur, seems straightforward to me. The only variable is where the OP said,
A few comments on this. First note that is is common to have such utility equipment on the customer side of the service point and sometimes on the load side of the service disconnect. The latter is called cold sequence metering. Generally utilities require hot sequence metering unless there are more than 6 meters. It doesnt matter if it is cold sequenced, you still have the service disconnect as the transition point from bonding to the grounded conductor on the supply side, and separate grounded conductor and EGC on the load side. I doubt the utility "does not allow EGC to pass through their equipment" in such cases.
Note there is 250.142(B) exception #2 which allows load side meter enclosures to be bonded to the grounded conductor.