If one organization displays deceitful behavior in one of their offerings, what do you think?
1) I'm sure they're only shafting customers for hotels, I completely trust they're being honest for airplane tickets.
2) Take it as red flag. After all, there's a bunch of other companies one can make business with. Or, you can book directly with airlines and hotels.
I am not saying this isnt happening... quite interesting actually and I will try the next time myself. I noticed huge price differences before from different websites but never considered it might be geolocation. However, small note of caution: If a "study" is released by a for-profit VPN provider... and the outcome is that using a VPN is a great idea... well, let's just say they might be biased.