Assuming you are on Jive Cloud of Jive 8, you should be good to go. It might be in Jive 7, but I dont remember.
Note: Once you endorse, the endorsee must approve before it shows up on their profile.
We tried this from our end.
Also like you mentioned and mentioned in the document -the service approves the tag which is endorsed.
Result of the service mentioned:
We are looking for changing the tag name. Like if someone endorsed me for 'jive' I want to change that to something else.
Let me know if I am missing something.
Thanks a lot for your help!