Marketing form currently submit this data to blob storage and we are able to use it in our PowerBI dashboarding. However, it would be even better if Dynamics could do this out of the box in order to make lead management a lot easier.

We for example have different business units for different countries. It would be perfect if this country data would be added at the contact level, so that we can automatically assign leads to the correct business unit.
i.e. I submit a lead from the Netherlands and i'm not known in CRM. Create a new contact with country 'Netherlands'. Now I know that some people use VPN's, but in many cases the country is still correct. So a better rule would be: if country is already known in CRM, ignore the submitted value, if a contact has no country associated, use Geo/IP data. After all, something is better than nothing. There will certainly be cases where a lead was assigned wrong, but it is better to let our user assign this wrong lead to the correct business unit than to first go through a list of 400 leads and assign all the countries manually after looking them up.

(This is already a common feature in other marketing automation tools).
https://community.dynamics.com/365/marketing/f/dynamics-365-for-marketing-forum/392155/marketing-forms-location-data-to-lead