It exists : when the sharing panel appears, there is little blue « Options » (or maybe Settings in English) link on the top of the screen. There you can choose to share the picture without location.
Maybe I misunderstood your message. I tried to share a photo from my iPhone to a whatsapp chat and I could not find any way to remove location data.
On the other hand, this article says that you can do that when you start from the photo album and ask to share to someone else. Is this what you meant?
You have to uncheck the inclusion of location data every single time though. Really annoying and easy to forget. It also requires you (naturally) to prohibit apps like WhatsApp from accessing your photo library.
