I am probably not the first to make this suggestion, but…
Only allow set-up and pairing by users with a verified address.
Attach a unique owner identification to the AirTag.
Change the alert for unknown AirTag to something along the lines of:
An AirTag belonging to user 123456 has been following your movements.
Press this button to deactivate it.
If you find the AirTag you can drop it at any Apple store or freepost it to Apple for recycling, if other belongings are found with the AirTag they should be handed over to the authorities as lost/found property.
By following this LINK and entering the address of the police force where you have dropped the found belongings, Apple will alert user 123456 so that they can make arrangements for collection.
I can see a lot of problems with this approach, but it would also be a deterrent, albeit not a perfect one.
Only allow set-up and pairing by users with a verified address.
Attach a unique owner identification to the AirTag.
Change the alert for unknown AirTag to something along the lines of:
An AirTag belonging to user 123456 has been following your movements.
Press this button to deactivate it.
If you find the AirTag you can drop it at any Apple store or freepost it to Apple for recycling, if other belongings are found with the AirTag they should be handed over to the authorities as lost/found property.
By following this LINK and entering the address of the police force where you have dropped the found belongings, Apple will alert user 123456 so that they can make arrangements for collection.
I can see a lot of problems with this approach, but it would also be a deterrent, albeit not a perfect one.