Cyber hackers are not limited to particular geographies or ip address blocks. The network approach doesn't work.
In another application I got rid of 90% of the flash wear on an IoT device by blocking a single country from a port.
A determined, targeted attack will go around a geoblock, but I have to reluctantly admit that it can be useful for the high volume attacks.
It's not $country's fault that you don't use vpn or port knocking.
2) proxies exist, many of which are your "first world residential ip address" thanks to IoT in every toaster.
No, it is not okay that many US websites decided to block access from EU instead of adopting a normal privacy policy, it is equally not okay to block access from whole regions of the world based on your prejudice, there are much better solutions.