This post has nothing to do with Apple products.
There have been posts about smart bulb usage in this forum, and I’ve heard about them on the MPU podcast too. However, given that every IOT device can easily have the same network security weakness, IMO this warning is not limited just to smart bulbs.
https://hackaday.com/2019/01/29/dont-toss-that-bulb-it-knows-your-password/
So, the moral of the story is “change your wifi password every time you toss an IOT device”?
Probably a good idea, especially in my case. I only change my wifi password once or twice a year and most days can see 17+ of my neighbors networks.
Nah, the moral of the story is that IoST devices have a long way to go before the “S” can be be dropped 
Well that, and put your IOT devices on an isolated network, like a guest network.
Our computers, phones and ipads are on their own subnet.