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I am a hiker. While I have never lost my keys on a trail, I know people who have. I have also found other people's keys (and a wide variety of other belongings that they obviously didn't mean to drop).

It really isn't very difficult to imagine an infinite variety of objects people would like to track that might get misplaced outside of the home. If the range on AirTags are only 30 feet, then they will be useless for a lot of people who were looking forward to buying them.

Let me explain it slowly.

If someone comes within 30 feet of your car keys, there’s a good chance those keys will still be in the same location an hour later.

If someone comes within 30 feet of your dog, there’s a very small chance your dog will remain in that location. So, the data is much less valuable.

Outside your home or not, lost keys are likely to stay where they have been lost, unless picked up and moved. They are not likely to go off looking for a squirrel. Lost keys are lost dogs are very different scenarios.
 
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