When I did live in the city, I never had my bike stolen. But that's also because I didn't do things like ride my nicer road bike for a night out, but rather had a $40 beater with a lock that cost a similar amount. Also I avoided weak poles, and always took the front wheel off.

Bikes are actually a great analogy. Even though bike thefts are a concern, I still wouldn't want any of my bikes to have a built in location tracking to discourage theft! I'd rather suffer the mitigations I mentioned above, and consider losing a beater bike as part of the cost of transportation, than have my movements permanently recorded.

Similarly, I did and still do have no problem carrying a few hundred dollars cash. In general, remaining an autonomous individual requires being in possession of things of value that you control. Relying on some overarching system to take care of them for you results in that system inherently controlling you.