they already exist, in different form factors, from other manufacturers.   but you seem to have a misunderstanding of how they work. 
 "bluetooth component only" and "working local" don't go together.  Bluetooth is used for the find my network. So the "global" part.  if you have bluetooth, you've got the find my network.  The way it works is very power friendly for the tag since it just has to send out a bluetooth ping, and hope it gets picked up by a phone.  Then the phone forwards its (the phone's, not the tags) location back to apple.  With bluetooth you're also able to get the device to chime. 
 
local precision finding is done withe the ultra wide band hardware.  This is needed for the arrow that points and tells you how far away the device is.  This does not work for devices from other manufacturers, not sure if apple hasn't opened it up, or it's more complex to implement.  
so with Bluetooth only, you'll only be able to see a devices general location, and make it ring.  You may be able to narrow it down to the front or back of your house. and the make it ring and hope you find it.