The doc is pretty detailed on how it avoids some of the problems you mentioned, such as crowded train stations, or traveling on the same train with someone for a long time.
Section 3.3 requires a tag to keep an internal state that says "I can send my location to my owner on the network." This state means the tag is capable of revealing its location, putting it in the danger zone of being an unwanted tracker. Section 3.3 also mentions a "near-owner" state (detailed in section 3.8) that says "I'm near my owner" or "I'm separated from my owner." It's assuming that if the tag is traveling with its owner, you are already visible to the owner and they are probably a bigger threat than the tag. This helps reduce false positive alerts, and as we'll discover in section 3.5, this also helps protect a legitimate tag owner from being tracked by someone else using their own tags against them.
Section 3.4 details how to figure out when to change the state from near-owner to separated. Section 3.4.4 says it has to mark itself as separated after 30 minutes away from its owner.
Section 3.5 talks about the MAC address, which is the ID the tag sends over Bluetooth to any nearby phones.
- If the MAC address never changed, someone could use your real tag to identify you every time your tag enters their zone -- bad for your privacy.
- But if the MAC address randomly changes every time you look at it, your phone can't tell when the same tracker has been with you for too long -- bad if you're being tracked with someone else's tag.
Section 3.5 says the MAC has to rotate every 15 minutes when it's with its owner, but every 24 hours when it's not. So if your phone sees the same MAC for more than 15 minutes, it can alert you that it might have picked up an unwanted tracker.
Sections 3.6 through 3.11 all talk about technical required Bluetooth data.
Section 3.8 says the device has to send out the current value of the "I'm near my owner" or "I'm separated from my owner" flag. To filter out large crowds of people with tags in their pockets, your phone would ignore all the MAC addresses flagged that they're near their owners, and track only the MAC addresses of the "separated" tags that put you at risk.
3.12 lists ways to help someone physically discover a separated tracker. It starts 6 hours after it's been separated from its owner. If it has a motion sensor, beginning 8-24 hours after it's been separated it has to make a sound when it's moved, flash lights, vibrate, or do something else to attract attention. Also any time after 6 hours a non-owner can use their phone to make it beep, flash lights, or whatever to help them find it.
3.13 says that the finder of an unwanted tracker must be provided with instructions how to disable that exact device.
3.14 says every device has to have an ID printed on it, such as a serial number, and 3.15 says the manufacturer has to keep an registry matching serial numbers to owners, and to provide that data to law enforcement in response to a lawful request.
Sections 4 & 5 are more technical requirements.
Section 6 says what your phone must do. 6.1 says it has to provide the "near-owner" information so your tag knows when it's with you or not.
The rest of the doc is more technical requirements.
EDIT
The "random looking MAC" is likely generated using a cryptographic algorithm in a "counter" mode, something like encrypting a sequential value with a secret key that Google knows, but obviously doesn't share. Determining how to do this would be up to each implementer's cryptographers, and wouldn't have to be standardized.