That field can be manually edited during or after upload of the observation. I suppose there isn’t a way to display the location, but you could filter your updates by place so that you don’t receive updates of observations from places you are unfamiliar with. This might be impractical if you wanted to see all observations except those in, say, Russia. In this case I would recommend using the Identify tool, which is much easier to fine tune. You can have a separate tab open you check regularly and it has the added benefit of showing observations that were not originally identified as the taxon you subscribed to and thus did not originally show up on your dashboard.
You could also mention something here about adding the actual location on dashboard updates.