Both can be true. The actual pairing of tag to owner is encrypted in the communication of its whereabouts. Some stranger detecting an AirTag that you own is not

Both can be true. The actual pairing of tag to owner is encrypted in the communication of its whereabouts. Some stranger detecting an AirTag that you own is not able to determine that you own it. 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.