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.