You would still require a probe, shovel, and beacon. The difference comes down to whether you purchase an iPhone 14 or a device akin to Spot.

For many, the answer will be that they're buying an iPhone in any case so why buy an additional several hundred dollar device.

Several hundred? It is less than $200 which is cheaper than upgrading to the iPhone 15k - that's all I'm saying. In no world is the device more expensive than an iPhone.