[Uehreka]

Some people have hypothesized that this isn't necessarily for finding phones. This might be about using phones (and iPads, Apple Watches, MacBooks, etc.) to create a network like the one used by the Tile product for finding wallets, keys, etc. This could be a product Apple unveils in September.

[m0dest]

This is for tracking lost MacBooks. Apple said this at the keynote. They may expand it beyond laptops, but that's the initial scenario. (It's a great one.)