The update allows you to ask a Google home for a location based reminder. The reminder will appear on your device when near the requested location. You are right it has worked on device for a while but not for the google home.

But it would mean that if someone stole the device they could have Access. So then thieves/spies would just have to gain physical possession of a device with the information or access to information. They wouldn’t need to break code just replace a chip.

Inconceivable!