What is the Red Dot on the ME icon in Find My?

I have a Red Dot on the ME icon on the App . Apparently its an Item safety alert , but I don't know what it is or how to get rid of it . I actually used the Identify found Item , and the very first time I used it the was an itrack app attached to it with my girlfriends phone name , then it disappeared from my screen , and Was never able to find it again ! The red dot is still there and now I don't know what to do . My girlfriend gave me access to her phone and I wasn't able to find it on there either , but I didn't look too hard , because I didn't feel right about going through her phone . If there's anyone who could help me with this dilemma I would really appreciate it . Thanks !

[Re-Titled by Moderator]