I am now on iOS 14.4.2 using a iPhone 12 Pro Max and my geotags are really periodic. Interesting note, every photo captures a location, but for some unknown reason the iPhone will not convert it to a geotag. It is missing the location details that is just below the location map. The only way I have found to force the iPhone to convert the missing location data is to plug it into power in the locked position and literally wait about 90-120 minutes and eventually the missing data appears along with a geotag.
Needless to say this is ultra annoying. Steps I have done to try to remedy this is to reset location and privacy settings, reset network settings and at last resort, reset all settings of which none do anything to force the iPhone to produce the missing location data and is supposed to appear under the location map.
Apple really needs to address this! This whole mess started immediately upon the iOS 14 upgrade when I had a iPhone 11 Pro Max and still is happening with a new iPhone 12 Pro Max. What are you going to do about this, Apple??