The irony of this discussion is that as someone who lives in the UK and pays his licence fee, I still sometimes run into content on the BBC that I'm told I'm not allowed to see because I live in the wrong place.
This is why I lack much sympathy for the Beeb when people use VPNs and the like to circumvent geographical restrictions. I do understand that there are commercial agreements and licensing conditions at work here, and I do understand that the BBC Worldwide commercial arm is not the same as the BBC itself (though it is a wholly owned subsidiary).
Just to be clear, I think the BBC is a borderline national treasure. It is certainly not perfect, but the range and quality of programming it has produced over the years is so much better than the apparent norm on commercial television channels that I pay my licence fee gladly, even if it is a bizarre pseudo-tax based on archaic rules about who has to contribute.
However, if you're going to take primarily public funding, with only a relatively small amount coming from BBC Worldwide's commercial activities, then not sharing the results with those members of the public who are paying your bills is not on, IMHO.