If the suppliers of your business are all located in North America, but your supplier web portal suddenly receives a lot of traffic from elsewhere, you should investigate. Therefore, IP geolocation data sounds like threat intelligence to me. However, the term threat intelligence usually refers to file hashes of malware, IP adresses of command&control servers, etc. but not to geolocation data for IP addresses. What do I miss?
"Threat Intelligence" has to have "threat" as a context. A piece of data is just that: data.
[It is] evidence-based knowledge, including context, mechanisms, indicators, implications and actionable advice, about an existing or emerging menace or hazard to assets that can be used to inform decisions regarding the subject's response to that menace or hazard.
So, just having the geo-location info is the same as having the IP: it's a piece of data. There is no particular relevance to the data, so it is not "threat intelligence". If it was known that major attacks were happening from a particular location (as has happened with Chinese Army attacks coming from known military locations and the IP geo-location data pointed there directly) then that context makes this particular piece of data "threat intel".
Just because the geo-ip data is odd for you in this instance does not make the area of knowledge called "geo-location" threat intel. But I'm not sure why one would require that the data be classified this way.