I agree it is curious there is no obvious way to make this appear in the UI. So for now it is workarounds.
Visible is easy. A workaround could be to create a formula field that took the Lat/Long values and simply displayed them in string format.
TEXT(BillingLatitude) & " , " & TEXT(BillingLongitude)
To have them editable, there are a few ways, such as inline visualforce pages. But maybe a nice clean way would be link to a visualforce page and edit there. In this instance, a basic edit page might look as follows:
<apex:page standardController="Account" >
<apex:form>
<apex:pageBlock mode="edit">
<apex:pageBlockButtons>
<apex:commandButton action="{!save}" value="Save"/>
<apex:commandButton action="{!cancel}" value="Cancel"/>
</apex:pageBlockButtons>
<apex:pageBlockSection>
<apex:inputField value="{!Account.BillingLatitude}"/>
<apex:inputField value="{!Account.BillingLongitude}"/>
</apex:pageBlockSection>
</apex:pageBlock>
</apex:form>
</apex:page>
Then you would change the formula field to add a link as follows:
TEXT(BillingLatitude) & " , " & TEXT(BillingLongitude) & " " &
HYPERLINK("apex/AccountGeolocation?id="&Id&"&retURL=%2f" & Id ,"(Change)", "_self")
And that gets you page flow that mirrors the user experience for editing ownership, and record type:


There are certainly other bells and whistles you might want to add. For instance you could stick some Javascript in your geolocation page to use the geo api and get it from the device the user is using. But this should get you started.