Yeah. This is not particularly a Facebook problem. And it certainly is not an iPhone exclusive one. I would be willing to bet my 2¢ that Apple photo backups store your photos with exif data. Should be trivially easy to strip this info and "track" you as well. Am not seeing anyone crying over this.
It’s a matter of expectations: You’re handing your data over to Apple for them to back it up; You’re sending photos via Facebook to share it with friends, and location data isn’t shown anywhere.