Which examples? I can’t think of any profitable companies with a profile like that. Free social media sites basically require scale.
Human moderation is going to be a huge hurdle for this. Connecting Internet users by location seems like a massive safety liability.
Making sure users are human and not just gathering locations of uses at an individual non-aggregated level also seems like a horrendous bad time.
On top of that, anonymous mode is going to be removed in the future, so you literally just have to tell other users your seemingly somewhat precise location, tied to your real persona.
Who wants this?
It’s also crazy that this site asks for location before even telling us what it is. On mobile it’s especially bad because the site isn’t even loaded or visible before the OS prompt covers basically the whole screen.
The service does need your location on the marketing page, collect that when users actually start using it.