My guess is that it is not currently being populated. I have object tracking on with a few JDE sites and that column has never been populated. I imagine they may eventually push a latitude/longitude based on IP address to Geo Location resolution of the user who accessed the object. Of course, on an internal network that Geo IP resolution may not work very well. Perhaps they will allow some sort of lookup table by subnet to define the location. Unfortunately at this point I think it is just an unused column.
You might log an Oracle SR asking the question to get the official answer.