As #43921 already exists with an existing patch we'll continue work for the Community Events Location information through that ticket. As such I've updated this ticket to change it's focus to be specific to Session Tokens.
And to answer my question from previous garrett-eclipse:
One question I had about the use of IP in the Community Events is would an anonymized IP be sufficient to geolocate an area to surface community events from? If so we could avoid needing to include it in export and erasure by anonymizing it prior to storing in the usermeta table which would make it no longer PII. Just a thought.
*This was answered on the other ticket indicating that the IP address is already partially anonymized as was indicated on this ticket comment;
https://core.trac.wordpress.org/ticket/40794#comment:22