"It’s why the Find My network is built with privacy in mind, uses end-to-end encryption..." "Apple can provide the paired account details in response to a subpoena or valid request from law enforcement" Hmm
But also Apple can pair the serial number of the physical tag with the account that registered it. I think this requires the actual tag to be retrieved. The serial number isn't transmitted in the clear; it's gotta be read off the tag case.
That's my understanding of it anyway.