AD 1 - more freedom, more apps available and possibly lower prices for apps.

AD 2 - I don’t want to go into that rabbit hole but if you stick to Appstore, nothing changes for you.

AD 3 - less money for Apple

Good luck.

https://9to5mac.com/2023/04/25/ios-16-restrict-features-based-on-location/

Based on our findings, the new system internally called “countryd” was silently added with iOS 16.2, but is not being actively used for anything so far. It combines multiple data such as current GPS location, country code from the Wi-Fi router, and information obtained from the SIM card to determine the country the user is in.