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.
Well, opsec can only go so far. At some point you need data packets traveling over real wires, and it's a question of who do you trust with unencrypted data like SMS? Using a data only VPN is "clunky" for wealthy manbabies, who demand less friction in everything they do.
Simply having your data going to their service is immaterial since it's likely the phone number also indicates it's a Cape carrier phone, and the IMEI of the phone doesn't ping for any other carrier.
It's a strong "ugh...maybe, we'll see" from me, but I wouldn't bother with it for another 6 months and see if it ends up one of those super elitist things wealthy people talk about only to each other.