I work for a not so small company with a large international user base and wish I could have the option to geoblock sometimes. While you're not wrong about there being more intelligent ways to block traffic it's substantially more time consuming to apply and get it right so that you allow legit traffic and actually block what you need to.
We also aren't just talking about blocking DDoS and other common vulnerability scanning. Depending on your business there are other potentially costly fraud and abuse scenarios that you are blocking just by blocking other countries outright. Until there are tools to block all this that are as easy to apply as a geoblock, this will probably remain the unfortunate state of things. A lot of businesses just don't have the time or resources to manage all of this without applying geoblocks.
We also aren't just talking about blocking DDoS and other common vulnerability scanning. Depending on your business there are other potentially costly fraud and abuse scenarios that you are blocking just by blocking other countries outright. Until there are tools to block all this that are as easy to apply as a geoblock, this will probably remain the unfortunate state of things. A lot of businesses just don't have the time or resources to manage all of this without applying geoblocks.