Yeah I've been going back and forth on this. I think some location targeting is important though. For example, if you're running for mayor I don't think you should have to advertise to the whole state or country. I think the real question is should you be able to sub-target the voting populace? (i.e. I'm running for a statewide race but only want to advertise to certain cities)

If you’re up for election in region X, then your ads should have to be shown to everyone in region X.