Fun fact from the MDM implementation - the most private way (at least to the company policies) to have a company-connected device is to buy a separate phone and install company's MDM on it. On company provided devices, the company may locate company's assets at any time but doing so on a personal device is a privacy breach.
The bad part of this is that apps have to specifically support the multiple profiles option, otherwise they can't be used for this.
And yes, I agree, that is the best way. We have the same restrictions for personal devices. Though I as an admin know we never use the locate functionality (and I know every person who has access to it).