I can imagine what excesses people might be going to with this standard. The intent of the standard is to prepare for the discussion of similarity and congruence in Grade 8, with some hands on problems that give students a concrete feel for similarity. All of the things you mention in your second paragraph are possibilities, but some judgments have to be made about how much time this takes up in the curriculum and how it supports other more central topics, such as ratios, proportional relationships, and work with rational numbers and their representation as decimals and percents.
I do not think it is necessary to introduce congruence and similarity as formal concepts here; as I said, the point is to prepare for those concepts, not try to do everything at once.
And, any geometric figures that kids have seen are fair game, but you could go a long way with figures made up out of triangles and rectangles.