> To protect user privacy, this data is associated with an identifier that rotates at the conclusion of a trip, not with the user’s Apple ID or any other account information. Rotating the ID at the conclusion of the trip makes it harder for Apple to piece together a history of any user’s activity over time.
https://www.apple.com/privacy/docs/Location_Services_White_P...
I think it's a nice gesture, however I wouldn't say that Apple isn't in possession of that data. The phone already uses other Apple services that are linked to your Apple ID and those services tell your IP address to Apple. Even if Apple can't track you via the rotating ID (not sure how it's made, maybe they actually can't), your IP address will reveal you, at least as long as you are using ipv6 which Apple has been heavily pushing in the past years.
They might not have the data refined, but even the whitepaper says it only makes piecing together the location history harder, not impossible.