Worst case, nuking all data
If the worst happens and someone steals your phone, it would be good to know that the thief will not have endless opportunities to guess your passcode.
Go to Settings -> Face ID & Passcode (Touch ID & Passcode on an older iPhones)
At the bottom of the screen, toggle the Erase Data switch to on.
Now all data on the device will be deleted if the wrong passcode is entered 10 times in a row.
Note: Allowing location data and enabling guest accounts to locate the phone could be a strategy, because it does not require location tracking turned off.