Opened TAC case - see response below. Customer needed to upgrade to Advanced IP Services.
This is not a bug. You have to understand that this tool is not 100% accurate (like with 15.0(1)M8). If you search for Embedded Event Manager (EEM) 3.0 in features, only ADV IP SERVICES and ADV ENTERPRISE feature sets will support it on an 1801. The discrepancy is only with Embedded Event Manager (EEM) 3.1.
Since 15.0(1)M8 is very new, the Feature Navigator is not updated with this version. But if we look the features using 15.0(1)M7 we can see Embedded Event Manager (EEM) 3.1 only. But if we choose an ADVANCED IP SERVICES feature set we see all these features:
Embedded Event Manager (EEM) 2.1, Embedded Event Manager (EEM) 2.2, Embedded Event Manager (EEM) 2.4, Embedded Event Manager (EEM) 3.0
So it could be a mis-configuration with this feature since it doesn’t make sense that it will support EEM 3.1 but not the previous versions. That’s why I think an upgrade to an ADVANCED IP SERVICES feature set is need it.
Since you have the required memory to upgrade to ADVANCED IP SERVICES I suggest you to do the upgrade and try again.