Approximate location sharing gives you more control over your location data in Chrome.

Corroborated by 2 sources from 2 publishers

europetech4h ago

TL;DR

Reports differ across sources; according to engadget.com, chrome on Android will now let you share your approximate location In a minor privacy win for Android users, Google announced today that Chrome's Android app will now have the ability to share your approximate location with websites, instead of giving them access to your precise location.

Sources