On the iPhone turning off Bluetooth using the control center doesn’t even turn it of fully, precisely so that these location services (and other features) are still available.
https://www.vice.com/en_us/article/evpz7a/turn-off-wi-fi-and...
https://www.vice.com/en_us/article/evpz7a/turn-off-wi-fi-and...
Sidenote, it behaves differently if you've enabled airplane mode (or at least so the UI would indicate). In airplane mode, it gives no message and the wifi/bt icon goes transparent. If you're not in airplane mode, the wifi/bt icon goes light gray and it says 'disconnecting <device type> devices until tomorrow' but the radio is still on as your article mentions.
Personally I miss the old behavior where it just turns it off, but I'm often in airplane mode so I get the old behavior anyway and great battery life :P