Samsung phones are probably the most prolific Android phones circulating out there so could have the same advantage as Apple AirTags if the tracking was built-in to the OS... but it is not. It requires firstly that an app must be installed (like Tile) but it further only works on Samsung Galaxy devices (not all Samsung phones and not on any other Android phones).
So coverage-wise Tile is still a way better bet for Android users, and at the end of the day a lost tag's chance of being found is only as good as the number of potential detection devices circulating nearby.
I'd hope that Apple's move would spark something similar on Android devices but due to that either requires Google baking something into Android OS (that OEMs could disable if they choose to, or OEMs bake it into their brand phone eg. Samsung.
No need to panic about Google tracking you with this, as they already can/do via the OS. Apple has a set a good bar on privacy at least for 3rd party tracking, or misusing AirTags to track others (well if they have an Apple phone that is).
See How Samsung's SmartTag Bluetooth trackers work (and how to buy them)
The SmartTag and SmartTag Plus are brand-new Bluetooth trackers announced alongside the three new Galaxy S21 phones. Here's what you should know.