You get a notification when an AirTag is following you for some time, but the AirTags owner is not near it. It's meant to detect someone slipping an AirTag on you without the false alarms from, say, taking a walk with a friend who has one in their backpack.
Wait so a thieve an eye with an iPhone who steals my expensive bicycle that I have tagged with an airtag Is receiving a notification that there is an airtag "following" them nearby?