Never heard of MBone, thanks for sharing. I think the fact that there is currently basically one successful video streaming service is indicative of how hard it is to run one. The bandwidth and performance it takes is huge, so unless a federated service is a paid-for service or receives huge donations there are never going to be enough resources to anywhere near match the performance of YouTube.
All HTTP requests include your ip address, you don’t “consent” to giving it to anybody. You can geolocate somebody based on ip address but it won’t be very accurate