Think about it this way - without AirTags and with AirTags + anti-stalking, your bike theft scenario is unchanged. Without airtags and with AirTags without anti-stalking, your personal safety scenario is worse. Those are the discussions I remember when I worked on CoreLocation at Apple. It had nothing to do with running the numbers, at least pre-development. I would be slightly surprised if someone tried to put numbers to that - Apple is pretty values-based when it comes to those kinds of decisions.
The stalking issues go well beyond personal safety. Police officers, judges, politicians and cops who now have to worry about someone chucking a $25 airtag in their car which is much easier to do innocuously and those people have power to craft regulations and laws. Abortion rights are even more contentious now & stalking comes up there.
There just isn't a scenario where opting in the entire world-wide smartphone community into enabling mass stalking at a never before price point is a net positive - there just aren't enough poor people with stolen bikes to shift that equation. There's a reason AirTags destroyed Tile - Tile's network is laughably small & would always be that way compared with the reach you get at the OS level. That drastically shifts the threat model.