I’ve recently upgraded to 2020 Pro and I’ve been playing around with Geo-Location. An import shows the terrain correctly but the location image just shows up as a green square.
As an example, here’s a selection from the white cliffs of Dover.
When this finally imports the terrain looks like this:
Check that you have the face style set to Shaded with Textures. If you do and there’s still no image, please upload the .skp file so we can take a look.