<$30 Bluetooth low-energy trackers (eg Tile, TrackR, Cube) that don't use cellular and last for years on coin cells also exist.
Obviously, without GPS and without cellular they rely on being near someone with a smartphone in the crowdshared location system. I think Tile (prior to AirTag) was the biggest, they've got around 10 million sold, probably on the order of 1 million active users once you discount people who own multiple units, or replacements of previously sold Tiles, etc.
As a Tile user, this was sufficient for my needs. If I lost my Tile in a public place, something like 1 in 300 people had the app and I'd have decent odds of getting an update in a couple days. I inadvertently left my bag in a coworker's car once, they don't have a Tile but it pinged a couple times during their commute as they passed other cars with Tile owners. But neither they nor their neighbors had Tiles, so it didn't give their home address. Tile doesn't make a big deal out of mitigating car-tracking or stalking abuses of its products, because it's not really big enough to be a problem. Now, though, there are something like 120 million iPhone users. I don't know how many choose to opt out of the default "Find My" setting, I'd guess that both that population and the population of people who even know it exists are both negligible, so I assume something like 150 in every 300 people are in Apple's crowdsourced location service.
Speaking of populations that may or may not know something exists: lots of people who don't know about and wouldn't buy a GPS car tracker are likely to end up with an Airtag on their keychain. By introducing the product, Apple is inviting the idea "what if I dropped that in someone's bag" to come across a hundred million minds.
Scale matters. At Apple volumes, mitigations like this are smart and will likely prevent crimes from occurring. At Tile's volume, it doesn't matter that much. I'm sure Tile (or a niche manufacturer of GPS fleet trackers) would love to have that problem, but they simply don't.