Dependency hell is from when multiple components depend on the same framework, but work with different versions. Since React is pre 1.0, you can expect the API to change a bit. If you build an app with multiple React components, you'd better hope all of them are well maintained, or you'll break some scripts when upgrading React (which you'll need to do for other scripts' bug fixes)
In fairness. The vast majority of the code in this library is describing the UI, and event handlers, which is exactly what React is used for. It's not like there's a ton of non-React code in here that could be abstracted out into a separate library.