To be honest, I'd be fine if I just got notified at the instant that my AirTag became separated from my phone, and see the location when that separation occurred. They already have this feature, and it's the only thing I really need. I'm not going to go chasing after a thief myself, and I highly doubt the police will care that I have a tracker on my stolen keys. Even if I leave them on a bus, it's not like I'm going to chase down the bus. I'll just call the lost and found and let them know which bus I left them on.
Wouldn't this make unwanted tracking essentially impossible?