While bad I think it's worse that the location available through your IP is available to facebook.
Further they can guess with which contacts you work with, are good or not so good friends with. And it will be kept forever at Facebook and at companies like Cambridge Analytica.
How do you think Telegram plans to monetize? I realize they had an ICO that raised $850M, but that is not a sustainable revenue mechanism in and of itself.
This doesn't just "suck", it's completely unacceptable.