Your analogy is invalid; we're not minors and digital copies of a movie or video game aren't anything like cigarettes or alcohol.
Beyond that, age restrictions on those products are put in place by the government (or by society), NOT the manufacturers* or stores. And those controls are based (ostensibly) on protecting minors from potential self harm (alcohol poisoning, cancer, etc) versus geoblocking's goal of... well whatever it is they think they'll gain by denying people with money access to content.
That said, it isn't unthinkable that there might be local laws that require content blocking; for example if a movie is deemed inappropriate based on a country's laws. But again that is the LAW, not Corporate Policy, and in cases such as those the nature of and reason for the block should be fully disclosed.
*Arguably some of them would very much like to sell their wares to minors (eg: Joe Camel.)