If you bypass the geo-block, you don't have a license to play the geo-blocked content either, regardless of your Netflix subscription.
They check whether you do this or not through DNS geolocking. Then you use technical means to deceive those checks and violate the contract.
This is fraud. You are intentionally deceiving a contracted party in order to violate your obligations under a contract. If netflix asks the police to prosecute, you could go to jail for this.
Morally, it's also an abomination. You enter into an agreement with the explicit intent to violate it. Yes, it's good for netflix and it's good for you (which means the studios will react against it as soon as netflix has credible competition, and if takes too long they will create credible competition. One studio might go lone wolf against them though, and get a large conviction).
How is this different from using a fake bank card in the store to make the payment terminal say "accepted" while paying only 10% of the listed price ? It's not. (except for the much lower chance of punishment)