Don't Get It
Like others have said, simple jamming techniques to create cell service blockers are already well known. Who would be so daft as to bother attacking a specific Bluetooth panic button when blocking all cell service is so cheap and easy? Not to mention the Taser shortly followed by the creepy panel van Faraday cage...
Same as tracking someone by their vulnerable panic button being just as idiotic. Tracking by the vulnerable Bluetooth radio of the phone is easier and more widespread. Tracking the phone itself using a femtocell is even easier and broader yet.
I'm guessing (hoping?) that such devices are more for "I've fallen, and I can't get up!" situations than for personal protection. But "there's a sucker born every minute," so who can say.