In some circumstances it's possible to make inferences to that effect.

Here's a current example. I have another bag from the same trip that was left behind in Manchester along with my golf clubs when I headed to Aberdeen. Worldtracer was set up with flights showing that it would depart to London on May 31st on the BA1399 and then on a VS flight to Tampa on 1 June. However, I can see from the AirTag that instead of heading to Tampa it went to Aberdeen probably because the handlers never bothered to check Worldtracer and went by the luggage tags from the 28th May that had a final destination of Aberdeen. I can therefore say with a degree of certainty that it's not going to be in Tampa anytime soon. Moreover, it's not even at Aberdeen Airport any longer. It's been taken to an off-airport location where it's remained the past 48 hours.

The AirTag enables me to conclude that I'm not going to see that bag for at least 48 more hours, probably 72 and likely longer. Worldtracer says it should already be in Tampa which it is not. Without the AirTag I would be expecting to see the bag very soon.

It's a little bit like inferring information about actual flight loads from fare class availability in ExpertFlyer. We can't know for sure what the loads will be like on departure but ExpertFlyer provides us information on which to base an informed opinion. The location of bags through the AirTag provides a similar level of insight. I wouldn't be without them (the AirTags not the bags!)