Choosing the Share Item Location option creates a link that allows someone to see the location of a lost item when they open the link. The link can be opened on a non-Apple device, so people without an iPhone or Mac can help you find something that’s lost. Find My links that you share expire after a week and you can see how many people visited the link.
It remains to be seen if an airline employee will do anything with that link to try to find your lost luggage.
@jarrod Sounds like the airline do already have a plan in place:
> In the coming months, more than 15 airlines serving millions of people globally — including Aer Lingus, Air Canada, Air New Zealand, Austrian Airlines, British Airways, Brussels Airlines, Delta Air Lines, Eurowings, Iberia, KLM Royal Dutch Airlines, Lufthansa, Qantas, Singapore Airlines, Swiss International Air Lines, Turkish Airlines, United, Virgin Atlantic, and Vueling — will begin accepting Find My item locations as part of their customer service process for locating mishandled or delayed bags. More airlines will be added over time.