To a recent years, lot of films where banned where I live and watching any of them is a felony! So location indeed affect what you're allowed to watch regardless of whether it's under geofencing intellectual property or another thing.

To be clear I wish I lived in a world where I can legally watch everything without a hassle. But there's no such world like that regardless of how much we want to exist. The same way there's no such world where we get paid equally ( doing the same work obviously) because we're living in different locations/countries!