I think so too.

From the person who made it!
My order for a pack of four AirTags arrived last Friday, and at lunch time I gave her one of them, it was a surprise to her. (She had mentioned them once or twice and the next available delivery date was way into the future when she looked.) A few hours later she had made a couple of prototypes - I think this was the third.
From her point of view, this was just a bit of scrap leather she had lying around. Designed on a Mac, cut with a Brother ScanNCut, sewn by hand, edge bevelled, special edge treatment applied. I very much like that the strap is shaped - not just parallel sided.
At least a few further prototypes have been produced - in various colours and with subtle differences. And now using better quality leather.