Maybe, but people like Bernie Ecclestone are. If the BBC licence F1 coverage for UK distribution, they would be breaching that licence by sending t to overseas IP addresses. Arguments about how far radio waves can travel are irrelevant since we are not talking about receiving these programmes by radio.
None of this excuses the way the BBC handle apps like mPlayer, or operating systems like Android (or Linux for that matter). They have justification for restricting use outside the UK, but none at all for restricting what UK licence payers can do in the premises specified on the licence.