I first saw this in the 2002 NEC as Article 430.2, but it was not shown with the margin bars indicating that it was "new" at that time, so it must have been added earlier. I just don't have any older versions available to me now.
430.2 Adjustable-Speed Drive Systems. The incoming
branch circuit or feeder to power conversion equipment
included as a part of an adjustable-speed drive system shall
be based on the rated input to the power conversion equipment.
Where the power conversion equipment is marked to
indicate that overload protection is included, additional
overload protection shall not be required.
The disconnecting means shall be permitted to be in the
incoming line to the conversion equipment and shall have a
rating not less than 115 percent of the rated input current of
the conversion unit.
In 2011 it got it's own section (Section X) but this issue regarding conductor sizing remained the same, albeit in 430.122 now. The code doesn't really give any leeway so if you decide to ignore a portion of it, you take your chances.
The Informational Note they added at that time is because the 'HP rating" of a VFD can be different based on the type of load that connects to it, i.e. Variable Torque or Constant Torque. That means a single drive can have two different HP and current ratings based on the nature of the load that the motor is used on, because part of how a drive is rated has to do with its ability to keep working under overload conditions. With a VT load such as a
centrifugal pump or fan, you literally CANNOT overload it under
normal operating circumstances, the nature of the machine doesn't allow it. You cannot make a centrifugal pump draw more current unless you somehow increase the flow, which if properly designed in the first place, means the only time that can happen is if a pipe breaks (open channel flow) in which case you WANT the drive to trip it off line. So a VT rated drive can handle a larger motor under those circumstances and the drive current rating will be based on
110% overload for 30 seconds, knowing that this should never happen. If the load is anything OTHER than a centrifugal pump or fan, then you would expect the drive to see brief overload conditions as it works to accelerate, or RE-accelerate the load as things change. For example dropping a large box on a conveyor, the conveyor initially slows, so the motor draws more current for a few seconds as it re-accelerates it. So a CT rated drive is going to be expected to handle
150% current for 60 seconds. So a VFD rated for 100HP VT will only be rated for 75HP CT. Same transistors, different load profiles, different expectations, different current ratings.
Initially UL did not recognize this difference, but the VFD mfrs promoted it anyway and it caused some conflict. So UL started allowing this to be shown on the nameplates in about 2009, hence the change in the NEC to add that Informational note, because the same drive can handle a larger motor if it is VT, ergo the Max Amp rating is different on the same drive depending on how you use it, and that affects the conductor ampacity.