We aren't talking about two phones paired with each other, were talking about a pair of headphones or a smart watch, causing the phone it's linked to to make a sound. Nothing more.
There is absolutely 0 opportunity to acquire a location from that.
Beyond that; apple products, specifically airpods and apple's smart watch, have these abilities.
Why would it be a security flaw to allow an Apple manufactured device to perform these functions, but not a third party device, utilizing the exact same implementations?