I think this is a completely reasonable way to respond to finding a tracking device and simultaneously discourage them from continuing the practice but please do drive out of county first so that the police officers that respond don't just say "Oh hey, Joe put that on this morning, we don't need the bomb squad for that."

You probably shouldn't drive anywhere if there's a bomb on your car.

If it's reasonable to assume the device on your car was a bomb and you didn't take any actions that directly disproved you had that understanding - even if your actions weren't optimally logical - then that would probably make a reasonable defense if the city/state tried to go after you for destruction of property.

for comparison, [there used to be a video] a keyholder or a container about the size of the telemetry device will bare minimum blow a hole in the gas tank and explosively ignite however many gallons of gas in your tank, gasoline having the power of 12 sticks TNT per vapourized gallon is a big boom