I've seen this issue in a slightly different context. A few years ago, my Android phone began dying much more quickly than before. Looking at the built-in battery stats, nothing was amiss and there were no apps causing excessive wakeups. It was only when I used Android Battery Historian that I saw there was a ton of bluetooth wakeups caused by Google Play Services.
But why would it be waking up so much? Usually the wake requests originate from some other app, but I didn't see any associated wakeups in the stats dump. After a while I remembered that I installed GasBuddy recently, and a Google search revealed that other people had Bluetooth battery drain issues after installing it. Apparently GasBuddy had an ads SDK that aggressively scanned for Bluetooth beacons. Removing the app stopped the drain.
I was shocked that no battery stats screen showed GasBuddy was the culprit. Even the Battery Historian tool (which requires the user to run a Docker image and dump a bugreport) only hinted that there was some Bluetooth wakeups, but didn't show which app they originated from.
This AirTag seems to be a similar issue, especially if a less experienced user doesn't realized all the "Find My" wakeups are caused by nearby AirTags.
I think Apple needs to make the "deep sleep" states of their devices more strict so they can minimize drain when sitting (both when sitting overnight on a nightstand, or for a week in a living room). Notifications (besides calls) can usually afford to be batched since users are asleep or not nearby. As for AirTags, if one is being carried through an area, there's probably other iDevices that are being actively used nearby. They're already awake and using RF, so they can handle the AirTag ping with virtually no additional power consumption.