As others have said, there are widely available GPS trackers with cellular connections. There are, of course, also all the ways people did such things pre-GPS. i.e. just finding out where a person lives which is mostly pretty easy.
The Nordic Semiconductor NRF52832 used in the airtag, unlike NRF52840, does not support this.
https://colinoflynn.com/2021/05/apple-airtag-teardown-test-p...
https://www.nordicsemi.com/Products/Low-power-short-range-wi...
Apple seems to have removed support for long range coded PHY from iOS as well, so other vendors can't make use of coded PHY either. It was present in iOS 13, seems to be absent from iOS 14.