GDPR and geoblocking

I’ve seen it argued that GDPR prohibits geoblocking. The argument goes something like this: The ECJ has ruled that IP addresses are personal data. The text of Article 4 of the GDPR says: ‘profiling’ means any form of automated processing of personal data consisting of the use of personal data to evaluate certain personal aspects relating to a natural person, in particular to analyse or predict aspects concerning that natural person’s performance at work, economic situation, health, personal preferences, interests, reliability, behaviour, location or movements;