Every time this comes up, someone butts in with "they're for lost items, not stolen ones!", which is technically accurate but pedantic beyond reason. "Stolen" is a special case of "lost" for most people. In both cases the object is out of the owner's possession. "Stolen" just means it's deliberately missing and not accidentally so.
I understand, sympathize, and support the idea of making life harder for would-be stalkers. My gut instinct says non-notifying AirTags would make life harder for many more thieves than the self-tattling AirTags does stalkers. Apple and Google agree with each other that inconveniencing those losers outweighs abetting thieves. That's their decision to make. I'd still be irritated if I couldn't find my lost-with-the-help-of-a-thief bike because my AirTag told the thief I was looking for it.