I carry a 406 epirb and life raft on my 28 foot open boat, seeing as how I cruise the Bahamas with my children aboard, or at least used to. I didn't relish the thought of seeing them floating at sea in only life jackets if anything had happened.
I knew personally some folk who that happened to, who died of hypothermian waiting for a resucue plane that never came. 'Course, they were lost when their plane went down, but the principle is the same.
One thing that I wonder, they are always saying the USCG spent X number of dollars and man hours conducting this or that search...aren't the guys getting paid no matter what they are doing? The fuel expended by SAR aircraft and vessels is another thing entirely, though.
How about these hikers in the mountains in winter who may not have much money. Could they buy a good radio beacon for $200 or so? What is the entry point for such an item?