By "facility" are you talking about RGOs? If so you are correct that one location only has one RGO type.
However, there are many buildings that produce goods and they can all be built in a location. I think a lot of people here are looking at the RGO as the most important thing, when there are buildings that can do the same. Some examples:
Sheep farms produces Wool
Saltpeter guild produces Saltpeter
Winery produces Wine
Using the 200k location vs four 50k location:
The four locations can potentially have 4 different RGOs, however since there are plenty of buildings that can also produce raw goods, you can build them all in the 200k location which essentially has the same outcome. The con to this is the fact that RGOs do not require other goods to be produced, unlike buildings.
Of course, the comparison we are making is assuming that everything else is the same when comparing 1 location with 4 others, but there can be a lot of variation when it comes to:
- topography
- vegetation
- climate
- presence of river(s)
- being coastal
I would argue that a 200k farmland flatland oceanic river coastal location is more valuable than four 50k locations in which 1 has a river, 1 is a mountain, 2 are coastal, etc.
This to say that, there are so so so many factors to consider in this wonderfully complex game, that nitpicking on the size of locations as being the absolute most important thing when it comes to gameplay is not just reductive to all the work and detail the devs have put into the game, but also it is wrong.