I mean the thief will get notified, but what are they going to do? Dismount tires, disassemble steering assembly, remove the grips, undo the saddle, bottle mount, Garmin mount, bash guard, lights, etc? This all takes time and skill, it can’t be done on the spot and if they dragged the bike home or to a fence they have already disclosed the location.
Also this: https://www.amazon.com/EFEALL-Anti-Theft-Protection-Compatib...
And this: https://cults3d.com/en/3d-model/various/fork-cork-inspired-s...
If a bike's Find My support randomized its MAC on every broadcast, it may very well not be possible to tell that it is not a new device each time. That might not be allowed per the licensing agreement, and that might be something that Apple has heuristics to detect and alert on.
People complaining about airtags being nerfed were misusing them in the first place
You can only have 1. Can’t have both.
I sense the "you're holding it wrong" philosophy never really changed at Apple.