I've recently gotten this problem too. The Location Activity icon is really annoying and worrying, no? I'd like to share a temporary fix to stop those event logs from happening again.
1) Go to Control Panel > Administrative Tools > Services, or you can just run "service.msc".
2) Search for "McAfee Cloud Services Platform".
3) Right click on it and under "Properties", change its "Startup type" from "Automatic (Delayed Start)" to "Disabled". This will disable the service and stop all Location Activity triggers.
Word of warning though, it has not been recommended by McAfee techs, yet. But so far so good on my computer. Maybe you can try it out.