Nation state attacks are certain because of the massive payoff if they are successful. Were you asleep when the Snowdon NSA leaks happened? [1]
If you can change the ID you can cycle through a list of valid IDs. You can even use it for bit rate comms, ~16 bits an hour or something, which is enough to signal events like "number of iDevices in vicinity", or, if other hardware is used, step count/hour, which works even in GPS denied environments.
The beacon location reported by Find My is generated by the reporting phones' GPS/cellular/wifi location system.
Regular GPS trackers have no means to exfil their data. They don't work in GPS denied environments (poor inside buildings, underground, anywhere a $20 jammer is enabled). OCGs routinely use low power GPS jammers now. Using GPS or 3G requires much more energy, and 3G is easily detected by motivated groups.
So while it might not be great for stalking your partner/ex, it is very tempting for professionals.
[1] https://nsa.gov1.info/dni/nsa-ant-catalog/