Nice work! I presented similar research at DEFCON 31 - 'You Can't Cheat Time: Finding foes and yourself with latency trilateration'
https://youtu.be/_iAffzWxexA
though with some key differences that address the limitations mentioned in the thread.
The main issue with pure ping-based geolocation is that:
IPs are already geolocated in databases (as you note)
Routing asymmetries break the distance model
Anycast/CDNs make single IPs appear in multiple locations
ICMP can be blocked or deprioritized
My approach used HTTP(S) latency measurements (not ping) with an ML model (SVR) trained on ~39k datapoints to handle internet routing non-linearity, then performed trilateration via optimization. Accuracy was ~600km for targets behind CloudFront - not precise, but enough to narrow attribution from "anywhere" to "probably Europe" for C2 servers.
The real value isn't precision but rather:
Detecting sandboxes via physically impossible latency patterns
Enabling geo-fenced malware
Providing any location signal when traditional IP geolocation fails
Talk: https://youtu.be/_iAffzWxexA"
I suppose if your goal was to not be found, you could "cheat time" by implementing a random delay on all outgoing packets. The second iteration of this would be to spoof latency based on where you want to appear to be, by creating rules for intentional latency based on the source of the ping.
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https://youtu.be/_iAffzWxexA
20 minutes talk at DEFCON