https://cyberscoop.com/cape-phone-privacy-calea-tracking/
Good article which points to a few promising aspects. They seem to have their own phones (as of Nov 24) as part of this. Second, that their market is "high risk" individuals. So people with money, it sounds like. If the pricing reflects a market for governments, celebs, and crypto bros trying to not get SIM swap attacked, then it's not likely a honeypot for Feds. Maybe.
I hate the idea of only being allowed to use their phones, but that might just be their "easy mode" for idiot celebrities or government contracts. If they can give me a physical SIM, I'm interested.
I would not be an early adopter. Hang and see who isn't a plant that joins.