There are downsides to widespread blocking based on geolocation.
- First what happens when a decision maker goes on holiday outside of your service area. That could be a huge OUCH if he can't reach it in order to see what's being bought. These things can break deals.
- (most) search engines are global, they might eventually like you less if you block them too much
- those in it for the bad things (scrapers, spammers, etc.) know dozens of techniques to work around it.
e.g.: they use TOR, they use a shared webhosting platform, they use a VPN tunnel, they use a botnet, ...
While it buys you some peace, they will come back with a vengeance.