I am 99% sure it is. Its hard to be 100% sure because the engineering needed has not been done.
Airbag compatible means it will not cause the airbags to deploy sooner or later than designed by the original manufacturer.The ribbed design in the ARB chassis brackets is what makes the product airbag compatible. Those ribs allow the bumper to crush and decelerate during a collision. This means that the stronger (than stock) bumper will not 'stiffen up' the chassis to the point where the airbag sensors will trip during slower speed collisions. ARB airbag compatible chassis brackets usually have 1, 2 or 3 ribs. 1 for small vehicles, 3 for larger ones. The Taco and 4Runner will be within the same weight range that need 2 ribs. The level of mods needed to fit the ARB Tacoma brackets is very unlikely to effect anything since it is only removing non-structural steel from the edge of the chassis end plate.
The reasons ARB do not list a bullbar for the 3rd gens is
1, they never designed anything specifically for that model
2, the bullbars that do fit (Taco and Prado's) actually require some small chassis modifications, and everything ARB designs is made to be 'bolt on'. They do not make anything that requires more than simple drilling of holes or cutting of plastic. ARB do not want to get involved with that level of work, for legal reasons and the $$ required to test and prove such designs.
If ARB decided to invest R&D dollars into producing a specific bullbar for our vehicles, all they would need to do is design a slightly different chassis mounting bracket to the Tacoma one. Something that would allow for the larger flange on the end of the chassis rail.