Well, that’s because it is NOT an anti-theft tracking device, has never been intended to be an anti-theft tracking device, and Apple has specifically stated it is not to be used for that purpose. The same goes for the Find My app. It’s the public who started using it for that as well as stalking their ex’s and Apple is trying to put a stop to it.
The problem is to have released the device with certain features, and then gradually change/remove features without giving any choice to the users (as the device gets automatically updated and there is no option to preserve the original functionality).
People bought the device for whatever use-cases they in mind based on the features which were originally delivered. Forcing the change upon them is a breach of trust (and possible of contract in some countries) on the part of the manufacturer.
What you are saying could be valid if this was a brand new device (AirTag 2 or whatever) and people were aware of the limitations before buying it: if they don’t like it they don’t have to buy it. But force-changing functionality after the device has been purchased and without offering a refund option is not proper commercial practice.
If Apple is finding-out that that some of the features they had build into the device are not something they should have included in the first place, fine let them make changes but also own the mistake and offer refunds instead of leaving customers with devices which aren‘t delivering the features they purchased them for in the first place.
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