URI-based Blocking vs. IP-based Ban in irules

I think XC Bot Defense is the state of the art solution for this kind of attack. It can be deployed either as a Service or hybrid with BIG-IP (YT: F5 Distributed Cloud Bot Defense with Native Integration).
The Bot Defense that comes with BIG-IP AWAF has it's limitations with modern attacks. The signature-based approach will fend off script kiddies, the JS injection approach doesn't work well with some modern applications/frameworks.
Solely IP-based blocking is dead. Serious attackers will change IP addresses faster than I can say "F5". Geo-Location blocking is still effective, but I would only use it proactively, while under attack. Not all the time.