The setup includes a Jura Anchor that connects to the AirPods using a "proprietary connector" designed to fit into the Lightning port of the device along with a carabiner made from ether titanium or zinc alloy.
Jura promises that the connector that it's using to attach to the charging case of the AirPods can hold 15x the weight of the AirPods. The AirPods Pro case weighs 1.61 ounces and the AirPods case weighs 1.34 ounces, so that means the Jura anchor can hold somewhere around 24 ounces at maximum.
It's easy to envision a situation where the AirPods are attached to the outside of a bag and pop off from force or someone sees the AirPods hanging and just snaps them up, so this doesn't seem like the greatest solution for keys or the exterior of a bag.
A lot of bags have a little keyring inside designed for keys, though, or other internal loops, which would work well with the Jura Anchor if you just wanted to keep your AirPods locatable within a bag. The Jura Anchor started out as a Kickstarter project, but the company is now taking traditional orders.
The Jura Anchor with a titanium carabiner is priced at $34.99, and the Jura Anchor with a zinc alloy carabiner is priced at $24.99. Orders placed now will ship out "in early December" so be aware that there's no specific shipping date being provided at this time.