For that to work the networks themselves would have to securely distribute a list of locations, or it would have to be configurable on the devices. Many business and educational networks (like eduroam) span multiple locations. Even my "home" network is available multiple places (home, cottage, boat...).

Smartphones mostly use wireless networks and cell towers to determine their approximate location, which can be easily spoofed, except for the current active cell (which could be miles away). If devices had to acquire GPS fix every time they reconnected to a network, batteries would drain much faster. And satellite navigation doesn't work properly indoors. Civilian GPS can also be spoofed.

Manufacturers would probably prioritize usability over rectifying such a "problem" which never had bothered anyone before, except maybe if there was PR involved. I think there's still no way to list all configured wireless networks on iOS devices? Fixing this would probably improve privacy more (if people cared) than this randomized MAC feature.