Actually, adding location data wouldn't boost the storage requirements all that much. If we allow eight bytes each for latitude and longitude (three digits, notwithstanding the fact that only logitude ever needs the third one, plus four more after the decimal point, plus a byte for storing the "N-S" or "E-W" flag, which is even more bloated than allocating a full byte per decimal digit as I've been doing), that just pumps up the requirement per call from 64 to 80 bytes -- increase the above storage requirements by 25% and it's covered.
The ultimate point, of course, is that they're clearly sweeping up call content (which does use quite a bit of storage even with efficient compression), not just "metadata", en masse.
Addendum: That amount of location data is sufficient to specify any point on earth to within about 100 meters. If you need to pin it down to 1 meter, add four more bytes (two more significant digits for each coordinate, with the same inefficient one-decimal-digit-per-byte coding I’ve been using to err on the high side) and increase the figures by 35% instead of 25%.
And all of that can be waved off as just metadata.