Ah I think you've slightly misunderstood, there is a 'counter' per entity, each user has their own separate counter so when you are revoking it is only relevant to sessions related to that users account. This would fall under your database lookup version of JWT management, it's centralised but in the smallest way possible.
That might clear up your second question, you'd want to revoke all sessions like I'd want to 'Log out all other active sessions', logging in to my Spotify on my friends computer last week, and my sisters the week before, I want to log them ALL out.