Look. I don't want to be tracked, cataloged and tailored to without my permission. I don't care how accurate they are (in my experience not very much) it's invasive and creepy.
To make up an example, when I walk into a movie theater, I prefer to see ads for movies that I might actually go see. If I have kids, I might be interested in the latest G-rated film. If I don't, that probably won't tempt me.
Location alone doesn't tell you that info. I kind of like getting at least some specificity and personalization with my ads.
When I walk into a movie theater, I already know what movie I'm going to see. Ideally I don't want to have to see 15-30 minutes of trailers before the actual film starts either.
Sure it does. You're in theater X, at a time that movie Y is playing. Based on those two bits of data, that's enough to market to you based on movie Y.
There's no need to know your age, ethnicity, gender, or anything else to be able to market to you while you're at movie Y.
Even more accurately, there's not even a reason to know your location, if they simply market according to the movie you're already paying to watch.
But hey, I handle my own bans on tracking. I don't care that everything that this persona does online is tracked and associated. But then, I have other personas.