They refer to the equator which is latitude=0° and the prime meridian which is longitude=0°. This represents the central point (starting point).
You can look at it as to the Cartesian coordinate system starting from (0,0)=(x,y) and retrieving all the other places by changing the x(long) and y(lat) coordinates. So yes, the answer is geographical centre.
EDIT:
url (video): https://www.youtube.com/watch?v=Spel7vfkpNc starting at 2:43
Basically, companies within the country decide on which lat, long will a city, country when searched appear. For example if you are searching for London the pin point will be assigned to particular coordinates depending on the company decision.