It's a kid tracker / ankle bracelet in an attractive form factor.
I was a kid in the 80s, city fringe, single parent who worked until 5:30. Honestly nobody had any idea where me & my friends were a lot of the time. Totally acceptable in that era.
The main worry I have about tech like this is, at what saturation of deployment does the norm shift such that it's irresponsible NOT to electronically track your kids whenever they leave the house?