I'm sure it can be and is abused by some people, but my wife and I trust each other so this has literally never been a problem for us. We've never used it and I don't think about it at all - but if something happened it's nice to feel safer. I'm sure other people with healthy relationships probably find it the same way.
I'm in my late 30s and for the first time in my life I am in a relationship where I'm never afraid of my partner knowing where I am.
The typical example when we use it is when one person is somewhere and another person is driving and will do a quick road-side pickup while passing by. Don't want to stand outside in the sleet for ten minutes waiting for the family member who is delayed due to weather? You could call every other minute and distract them, or you just check where they are right then.
i don't know if I could live that way, but i am jealous of them.
(Possibly because it is Apple? I honestly would not trust a 3rd party with a tracking app.)
As a parent (even though the kids are adults now) there is something akin to reaching out and touching them, for me, just by pulling them up on Find My. Seeing my oldest daughter at work, my middle daughter on campus ... things are right in the world.
There's another family that we (very) frequently travel with. We ended up always-on location-shared with them too, for the same reason. It's convenient, especially on road trips.
Maybe it's because we're well-established families in our 40s and 50s but this doesn't seem weird to us. None of us cares where the others are, unless there's a specific reason to care, and then it's really useful.
On the other hand, I don't understand why anyone would buy/install an app. It's built into the phones.