Do people underestimate how much location/jurisdiction matters for businesses?

Random thought I’ve been stuck on lately. Whenever people talk about businesses or investing, most of the conversation is around revenue, margins, management, moat, etc. Which obviously makes sense. But I almost never see people talk about whether where a company is based actually matters more than people think - taxes, regulations, access to markets, hiring, long-term flexibility, stuff like that. Maybe I’m going down too much of a rabbit hole lately, but I’ve been reading about how founders st