If you're picking a country so you can access a Netflix show that geolimits to that country, but Netflix is also using this same faulty list... then you still get to watch your show.
If you're picking a country for latency reasons, you're still getting a real location "close enough". Plus latency is affected by tons of things such as VPN server saturation, so exact geography isn't always what matters most anyways.
And if your main interest is privacy from your ISP or local WiFi network, then any location will do.
I'm trying to think if there's ever a legal reason why e.g. a political dissident would need to control the precise country their traffic exited from, but I'm struggling. If you need to make sure a particular government can't de-anonymize your traffic, it seems like the legal domicile of the VPN provider is what matters most, and whether the government you're worried about has subpoena power over them. Not where the exit node is.
Am I missing anything?
I mean, obviously truth in advertising is important. I'm just wondering if there's any actual harm here, or if this is ultimately nothing more than a curiosity.