The issue with Speedtest and Static IPs is it does depend on if the Static IPs are regional or national.
If you have a x.x.x.10 in Auckland and x.x.x.11 in Invercargill as the whole subnet is global for Static IPs it is *very* hard for Speedtest and Maxmind/Google and other geolocation providers to determine where you physically are as they "tend" to lump all IPs based on a coarse range (such as /24 or /22 or even larger) to determine location.
So I think this could be a consequence of Static IPs and the way ISPs provision them. I know that is how Spark provisions them as they have their "Global Static IP Subnet" which all Static IP addresses are allocated from irrespective of the location. All of those customers get sent to the Auckland CDNs and the geo-location is tagged in Auckland even though they are in a different location. The other option would be to have geo-specific Static IPs, which is far from ideal when people move between locations and want to keep the same IP.
I concur.. static (Geolocations) become extensively labour intensive for little gain. The wider challenge is there are so many geo-location providers that scavenge and update that trying to work with one/any/all becomes fruitless too.