Apple's tiny AirPods, AirPods Pro, and larger AirPods Max, are surely worth protecting under AppleCare+. Except Apple has run the numbers, and what it will — and won't — cover you for makes all the difference.
We're not knocking Apple for this — AppleCare+ is worked out as carefully as any other company's insurance. But there are times when you can see the result of those calculations, such as with the limits on the coverage of AirPods, AirPods Pro, and AirPods Max.
You never know if a device is going to need a repair, but with these it is a fair bet that you'll lose them long before you manage to break an AirPod. Apple made the same bet, and decided to not offer coverage for theft and loss.