The waiting time is primarily introduced to disencourage banished members from registering again right away. The waiting time will usually be about a week. These parameters are set to have a maximum amount of new members each year.
When there are many members waiting in queue the waiting time may increase. Because the waiting time could keep increasing indefinately there is a maximum amount of slots in the queue. If the queue is full, you'll have to wait until a slot opens up. There will be an indication when a slot might open up but it could actually be a lot sooner if one of more members get invited in.
Email confirmation is introduced to help prevent multiple registrations from the same person. I know it is far from air tight but it helps because a new email address is needed with every registration. [Read more]
The Location restriction is introduced to prevent registration floods from a single person or group of people from one area. Because there is a waiting time, there is a waiting queue and there are only so many spots available. With the location limits we hope to give everyone around the world an equal chance to register.
The location restriction can also be used to block an entire area from which a banished member is current trying to register.