My need was finding my black wallet in the house when I forget where I put it. My wife has been very happy that she no longer has to field "Hey sweetie, have you seen my wallet?". I walk around asking it to sing to me, and I find it without bother.

As for theft - you might be overthinking it. It's a black piece of plastic that could easily be a door key. Gutter thieves will rifle the wallet and pull out cash, and credit cards, and drop the rest in the trash anyway. Any regular thief knows they don't want to be caught holding someone else's id.

I mean it's there front-and-center and mentioned multiple times in all materials related to airtags. These are not anti-theft, or stalking devices as they alert the thief. They are tracking devices for misplacing items (e.g. a wallet).

I own 8 AirTags, and have them on all my sets of keys and in all my bags. I've managed to avoid loss about 5 times in the 3 years of using them. It also gives me piece of mind when landing on a plane that my luggage is where its meant to be.

If you want to stop your wallet being stolen, I'm afraid your options are very limited.