If it can be proved, above reasonable doubt, that you're using that IP on purpose, with the only aim to bypass such geographical restrictions on content distribution against the will of content owners... well, it'll be a tough day in court.
Note that I'm not saying that IP == actual physical person or GeoIP == actual physical location. A lawyer would have to prove that you were using that computer, with that specific IP, on that date-time, and you were accessing that content in full knowledge of the fact that only US-based consumers were allowed to do that... Which is very difficult, but not impossible. Laws are always interpreted, at the end of the day.
Then they'd have to show that spoofing your country was actually illegal, as opposed to just against their policies. Don't fall into the trap of equating terms of service with laws.
Note that I'm not saying that IP == actual physical person or GeoIP == actual physical location. A lawyer would have to prove that you were using that computer, with that specific IP, on that date-time, and you were accessing that content in full knowledge of the fact that only US-based consumers were allowed to do that... Which is very difficult, but not impossible. Laws are always interpreted, at the end of the day.