Not much larger...Yeah, but they are physically much larger, requiring more power and bigger batteries.

They also require an expensive subscription to connect to the GPS. The beauty of the AirTags is the low power, low range signal, that piggybacks off the network of people's iPhones (and without a subscription), rather than needing a high enough power antenna to connect to GPS.
There's no subscription to utilize the GPS satellite array, and it does not necessitate a "high power antenna" -- GPS is built into many small devices such as myriad sports/fitness watches. The device merely listens to the signals broadcast by the GPS satellites and calculates its position based on those signals. It no more "connects to the GPS" than your car radio "connects" to a radio station.
What does require a subscription, and what does necessitate more battery power, is the ability to connect to a cellular network so the device can transmit information such as its location.
As for being expensive, I don't think $5 per month is all that much, but I suppose that's relative
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