Answering my own question here. I figured out how to enable GeoSegmentation.
Do the following:
Admin Tools > Select and Edit Report Suites > select the Report suite you wish to edit > then hover ofer Edit Settings > General > click General Account Settings > click the checkbox next to Geography Reporting then choose Enabled > click Save.
For me, I had to log out then back in before I could see the updated Visitor Profile menu with the GeoSegmentation options.
Hope this helps out someone else!