If you name yourself after your location, you're borrowing it's "strength" and implications.
I live in York, PA. A city with a long history, and many other successful companies and industry. From the Continental Congress, to industrial plants like Harley Davidson.
If I took a name like "York Brewery", I'm trying to ally myself with that name, to use it to make myself look stronger. Selecting other, smaller names is sometimes done for the purpose of humor or uniqueness.
However, in my view, you can also be self limiting in that naming convention. After all, if you're relying on the location's name recognition, you have an upper limit.
If you refer to it as Brewing (which is really just short for Brewing Company), you're probably selecting a name that has more personal meaning, which means a lot of others don't recognize it, unless you make it important. So it's initially a weaker name, but the sky is the limit.
Obviously, you could still use a location with "Brewing Co", but I think you get my point, for whatever THAT is worth