The clue is in the CoT - you can briefly see the almost correct location as the very first reasoning step. The model then apparently seems to ignore it and try many other locations, a ton of tool use, etc, always coming back to the initial guess.
For pictures where the base model has no clue, I haven't seen o3 do anything smart, it just spins in circles.
I believe the model has been RL-ed to death in a way that incentivizes correct answers no matter the number of tools used.
[0]: https://chatgpt.com/c/680d011a-9470-8002-97a0-a0d2b067eacf