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, GDPR Shield 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.

You're making assumptions about how the service works, which happen to be wrong. Even if they were true, the time it takes to develop something isn't a measure of the value it provides.