We had the main community blocklist and several of their pricey paid blocklists enabled in a PoC capacity. We had a lot of legitimate users end up blocked. In some cases these may have been VPN exit nodes, or users on CG-NAT, or devices on a shared network with some other compromised / bot device. I didn't get 100% of the details, just that we were inundated with support requests from real users that ended up blocked.
Given the number of residential proxies I see scraping the couple of sites I have responsibility for I don't find IP address-based blocking useful anymore. That ship has sailed.
Behavioral and client fingerprint analysis (ugh-- having to run Javascript just to view a static site) is the only way (at least until we get user "age" and identity attestation rammed down our throats).