I'm going to say no. In pretty much every instance I can think of, the culture is either a detail someone can adapt the answer with, or it indicates the question probably doesn't belong here.
On StackExchange, we want answers to be useful forever. And not useful to just the asker, but to others who visit the site. I understand the usefulness of knowing where someone lives to be able to tailor the answer appropriately (and that isn't a bad thing at all), but the meat of an answer should be applicable across cultures. For example, say we are given a question where a parent is dealing with a grandparent who is undermining their parenting in some way. A good answer would probably answer with something about setting boundaries, being firm, having a conversation when everyone is calm, etc. etc. And the answer may very well indicate how to do that specifically for an Indian culture. And that's fine. But that advice overall (if not the culture specific details) will be useful across the world. I can apply that same advice of setting boundaries, etc. in the USA or the UK or Germany or ... but exactly how I go about that will be different. I don't feel like it really adds much. I also worry that it might discourage otherwise good answers from those not familiar with the given culture.
I also feel like a culture or location tag indicates a question that doesn't really belong here. If someone needs to know how to handle social services in the UK or a divorce case in Russia or any other legal matter, they need to contact a lawyer. Period. Much like we can't offer medical advice and direct people to their pediatricians, we can't do legal advice either. We aren't qualified. We don't know all the specifics and nuances of their situation. And the answer we give today could be completely wrong tomorrow. If the core of the question is a legal matter like that, it doesn't belong here. If it's more of a detail or tangential to the question, we just need to direct someone to a lawyer for that part.
Overall, I don't see the value in adding and maintaining them.