I think the point is to make the smallest unit of functionality possible and then people can integrate that into their use case using attachments, casings, etc. in a way they see fit. It's a good approach for this product in my opinion.
This might also explain why the first party luggage loop accessory seems to have been (unfortunately) memory-holed. I think third parties still sell them out of excess inventory, but they've been harder to come by in recent times.
My current carry-on doesn't have large enough attachment points to easily accommodate the Apple leather case's keyring, so an updated loop would have been welcome.
For some reason, people feel like this should be a replacement for traditional luggage tags.
I do not understand this mindset.
I’d prefer to have a dedicated loop for my bag and the inside attachment points just aren’t big enough. I’d feel more secure if it wasn’t loose in a pocket and could easily fall out or be removed by an unscrupulous (or inattentive) airline or TSA employee.