Wouldn’t it be reasonable to hide and skip the GeoIP lookup from user admin settings, if no license key was configured? Or instead show an info/placeholder that GeoIP lookup would be possible by setting a license key following Configure MAXMIND for reverse IP lookups?
Looping through error logs to monitor system operation is good practice, and it’s annoying to spend time on investigating errors, just to find out that they are expected because an operation is attempted which is expected to fail by default and which could be skipped easily by checking a single setting 
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I can try open a PR on GitHub, if you basically agree. But probably I’m overlooking something and it isn’t that easy or has downsides I’m not seeing.