And you misunderstand my point, it always has been a way to compromise your privacy. Privacy matters most in the individual case, with people who know you. If you e.g. share a picture taken at your home (outside or looking out of the window in the background) with a friend online you always had to assume that they could figure out where you lived from that if there were any of those kinds of features in there.
Sure, companies might be able to do it on a larger scale but honestly, AI is just too inefficient for that right now, as in the energy-cost required to apply it to every picture you share just in case your location might be useful isn't worth it yet.