AirTags can keep tabs on far more than just keys. Though Apple doesn't officially recommend its Bluetooth trackers for cats and dogs, it's still a popular use.
Though the AirTags rely on Bluetooth, the range is impressive and the triangulation between the tags and any nearby iPhone is eerily accurate, getting you within yards of a lost tag.
A friend of mine is the director of an animal shelter and they have four AirTag-rigged collars they put on 'flight risk' dogs during foster transfers, just in case.
GPS tags offer more accurate location surveillance, but they tend to cost more and require a subscription, two factors that make them less-than-ideal gifts.
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