If you own a recent iPhone, you might have missed that you have the latest-generation ultra wideband chip in it. That chip means that you can you use Precision Finding in the Find My-app with other devices with the same chip. So you can for example find a specific person down to the centimeter in a huge crowd of people. And if you also own a newer Apple Watch or AirPods, you can use it to find your phone or AirPods with a lot greater precision.
Below video and article explain better how this actually works.