Imagine like, an airtag, but the ID only needs to be 1 byte long, or even just a simple presence signal.
You'd put it on everything you own that's portable and easy to lose. When you want to find it you just search for signals. Maybe it could have an NFC silencing feature. Perhaps it could only activate after 10 minutes of not detecting movement, while also not being near a base station (The base stations would mark a location as the "safe place you won't forget").
So you won't get any interference from anything people are carrying. You won't pick up anything safely stashed where it actually belongs.
But you can quickly sweep an area for any lost property (Which could be good or bad, depending on if it's a helpful security guard or someone who believes in finders keepers looking...).
You wouldn't ever have to receive any data, except to detect base stations, which would only need maybe a 2ft range.
But it wouldn't solve the big issue with losing stuff, detecting when you leave a location without a thing.