My experience with FMM, specifically, is limited to iOS devices like the iPhone and iPad (the closest analogue with Macs I’ve used is the older, third-party utility, Undercover, which functions in a fundamentally different way).
From what I understand, Find My Mac (or just “Find My”) is set up beforehand by the person who activated it, via their iCloud account. This means it’s linked, via EFI chip-level, to the account of the user who set it up. Location service is irrelevant here so much as a cryptographic key which was set and saved to EFI, when Find My was set up and activated. The key set on the EFI is expecting to be unlocked by its cryptographically matched originator of the key (that is: the person’s whose iCloud account set up Find My activation originally). Only that match can unlock it and, if they desired, un-pair the device from their iCloud account.
The step by step overview is
expanded upon with this page.