Companies ironically jack up prices outside the USA and Europe or have different release dates(christmas equivalent is different) so region locking prevents that.
It(people buying from different regions) also screws with local distributor sales which is a big factor in wholesale. If every hardcore fan bought the japanese version with english subtitles online then other local, nationwide retailers are much less likely to order as many copies next time from publisher X let alone try to promote their titles due to lower sales. Technically the publisher sold the same amount but different distributors made less and will be pissed off.
There are a couple of middle men when it comes to physical sales and sometimes online sales….region locking definitely helps them.
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