It doesn't seem like exactly what OP is describing, but people buy cheap region-locked licenses to arbitrage different geographic pricing (i.e., it may be cheaper to buy a steam key in eastern Europe than in the US), and then activate the games over a VPN in the original region.
Most big companies will check the PayPal recipient address for country match (yes even for virtual), or an CC avs address match for country, or card BIN lookup. Spotify, Netflix, etc. This is often for compliance, for example VAT collection in EU, or license rights affected by geography. IP Geo is meh, I'd even prioritize your Accept header locale over that.
