Marketing Cloud does have the option to include "User Agent Information" as part of [Tracking Extracts][1].  This option will append the following columns to the Open and Click extract data:
 **IpAddress, Country, Region, City, Latitude, Longitude, MetroCode, AreaCode, Browser, EmailClient, OperatingSystem,  Device**.

I'm not aware of any out-of-the-box tools in Marketing Cloud that leverage this data.  But, you can definitely import the tracking data back into marketing cloud (or some external system) and build a custom solution which leverages ip address.


  [1]: https://help.salesforce.com/articleView?id=mc_as_tracking_extract_config.htm&type=5