Attacks coming from the same IP address are literally kids just running port scanners.

Blocking individual IP addresses has never been a valid mitigation against professional attackers. Attackers will just pivot to renting a different botnet from different geographies/ip ranges.

If your service has any level of scale, there can be double digit percentages of users who are sharing an IP address with a hacked device. Blocking attacker IP addresses will block users of your service.