So basically we'd (anyone in the associated countries) be dealing with hackers being able to figure out where you live in about 10 minutes and websites being taken down holas-bolas because they can.
Best bit? It wouldn't prevent hackers from being anonymous since they can either register fake locations themselves, or use ones other people have registered.
all the other stuff is more significant. also geolocation isn't hacker magic, anyone can get a fair approximation of your location just by making you load an image, voluntarily or involuntarily