I was thinking of things like a fake card that's a tracker (GPS, network/IP connection, etc), or a card that contains software that can transmit it's location (is that even legal?).
Alternatively, I could replace the camera with something network connected. There's no wifi or ethernet. Cell could be acceptable, but would prefer a more localized type network, like LoRan or something (maybe 500yd range with trees in the way).
Like, when you mount the card for the first time, Windows could ping a URL and a UUID listed in a file in the card, which could then log your IP.
You could even have an opt out on the OS side, random non-cyber criminals would mostly not do this or even bother learning it exists.
There's a few more minor malicious uses, and a slight risk of cops getting involved for cases that aren't theft though, and I'm sure privacy conscious people would be unhappy about their device sending anything anywhere they didn't specify.
But it sure would make pen testing who picks up random dropped flash drives in parking lots easier.
Maybe an even better way would just be to embed Tile type tracking in the card.