Today they added a bit of functionality that automatically turned that into a Country/City. Using a simple DNS lookup. Which is trivial to do, and has also been available for free online since, well, forever.
Cue wailing and gnashing of teeth, and them switching it back off.
And then asking whether people think that they should be providing IP addresses at all.
If you have an opinion (or just like clicking on options in polls) then go here and do so.
Original post on Dreamwidth - there are comments there.