Earlier quoted context omitted.
The AirTag transmits every 2 seconds. The iPhone should scan every 2 minutes for 2 seconds in order to capture the AirTag. BLE scanning costs about ~20mW. So the average power consumption is 20mW * (2sec / 120sec) = 0.3mW. Over an entire day, it's 7mWh. The iPhone 12 battery is 10000mWh. Conclusion: it's neglibile.
It's the principle: other people's tags get to commandeer resources from 'my phone' without me giving permission. Unless somewhere in the iPhone fine print it say something like "by using an iPhone, you are implicitly agreeing to become part of Apple's Global BLE Network" --- well, if not that, I'm not sure how Apple gets away with this.
https://support.apple.com/en-nz/guide/security/sec6cbc80fd0/...
Open the Settings app and search for "Find My". You'll find the setting. Or follow this: Settings->Apple ID->Find My->Find My iPhone->Find My network
There's some explanation as to what it does and you'll be able to opt out if you don't like it. (Though you won't even see the "Find My network" setting if you had "Find My" disabled anyway)