There is ongoing discussion of that here:

https://github.com/nostr-protocol/nips/pull/136

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Interesting, I'll followup there as well.

I'll have to look into how this could be used for geospacial location of a merchant (perhaps with NIP-15 Marketplaces) and for profiles.

Could also be interesting to be able to list in a broad geographic area, rather than specific to the meter.

Thus you could search for stores in a geographic region as well as products and services, similar to Bitcoin Jungle, Bitcoin Beach, Oshi and BTC Map.

Is recreating Open Street Map on nostr feasible?

Seems a stretch.

Optionally geocoding notes would be great.