The answer is simpler than you think. GPS is not included because the manufacturer does not feel it would sell more cameras. It's the same reason they skimp on camera straps. If it does not sell more cameras, it is not needed, the manufacturer can sell it for less - even just a bit less - or pocket the difference.

Personally I could not care less about in-camera GPS but I understand it is something some people like and its even useful to some people. The original solution was to have GPS modules but they are cumbersome, stick out in odd places or keep the hot-shoe busy. However, WiFi which is starting to appear in cameras, now allows to get GPS data from another device much more conveniently. Not all WiFi cameras can do this yet but it has started and I suspect more of this is coming soon. It will allow users to bind the GPS of their choice to their cameras, rather than using the one placed in the camera by the manufacturer.

In the case of high-end compacts, manufacturers have to be very economical while putting in the features needed to make it high-end because of competition from mirrorless cameras (and entry-level DSLRs to a lesser extent). Only a few models like the Fuji X100 have managed to command a truly premium price and still sell enough to justify, although volumes are still very low compared to a Canon S100 for example.