Section 3.6.2 of RFC 5322 defines the reply-to header as:
reply-to = "Reply-To:" address-list CRLF
Where address-list is defined at section 3.4. When unfolding the ABNF grammar, I find that address-list can consist of nothing but phrase ":" ";"
(phrase being defined at section 3.2.5). So it boils down to you being able to add a reply-to header that does not contains any actual e-mail address.
The RFC states:
When the "Reply-To:" field is present, it indicates the address(es) to which the author of the message suggests that replies be sent.
Even if it is only a suggestion, it seems rather strange that I can suggest to someone to reply to an address I name but don't specify.
Am I missing something here? How should I interpret such a construction?
You seem to have discovered an oversight in the spec. Nice!
If you read the rest of Section 3.4, you find this (emphasis mine):
This makes sense in the context of (e.g.) To or CC, but not (e.g.) From or Reply-To. They got this right for "From" by specifying it as a mailbox-list, but they seem to have botched it for Reply-To.
It looks like they should have made Reply-To a mailbox-list instead of an address-list. Might be worth trying to contact the IETF working group to point out the error.
[update]
I have submitted an erratum against RFC 5322 for this issue:
http://www.rfc-editor.org/errata_search.php?eid=2816
Let's see what they do with it.