Not a joke :). The pricing is actually cheaper than "bare" geolocation APIs, which don't do the blocking-part. Have a look at https://ipstack.com/product for example.

If you get a quote from an experienced data protection lawyer for GDPR compliance, this will be an order of magnitude cheaper in the long run. There's a real risk of getting sued / getting cease and desist letters from predatory law firms who aim to collect fees for small mistakes in your privacy policy.