This article explains how to use AirTags with older iPhones and even some older iPad models.
How to use Apple AirTag with older iPhones like 6s, 7, 8 without Apple U1 chip
You can set up an AirTag with an older iPhone, but there are some limitations. Your iPhone must be running iOS 14.5 or later, have Find My turned on, Bluetooth must be turned on, and Location Services must be turned on.
Here's how to set up AirTags with an older iPhone:
Make sure Find My, Bluetooth, and Location Services are turned on on your iPhone.