No, that's not what Canon thought.
A GPS like Garmin's GPSmap 60 CSx can connect to a WFT-E2 (1D camera Mark III) or WFT-E3 (40D/50D) or WFT-E4 (5D Mark II). It's a hefty expense to get that functionality, but you can do it.
Note that the WFT device has a USB host port. Hence the GPS must have a USB connection as well. The GPSmap 60 units are kind of Swiss army knives for navigation, so they have all sorts of bells and whistles. Obviously, you must use the USB port on the GPS. More recent units, like the GPSmap 60 CSx, also features a card reader inside the GPS. It's possible to let that navigator present itself to the host as a card reader, but if you set it up like that, it will not work for geotagging. If you have one of these, make sure that under Setup/Interface the GPS shows that USB is connected and that the USB memory stick mode is not selected.
Then it should work, provided that you on the camera has set the external USB device to be a GPS, not a storage device.
I don't know for sure, but if you want to use an even newer model, like the Colorado or Oregon, you can probably get that to work if you force the GPS interface into the so called Spanner mode. It would be interesting to hear if anyone have had success with that?
Note that older models, like the GPSmap 76, does not have any USB port. They support (sort of) RS 232 only, so they are not useful for this purpose.