At the moment, the U1 is only be used for the nifty hold-your-iphone-close move, but I have no doubt Apple has other applications in mind. Ultra-wideband is amazing for its indoor high-resolution position finding. Down to the inch is possible. But the more reference points you have, the faster/more accurate it will be.
When used with the U1 chip also in your iPhone, having a HomePod mini around could enable Apple's forthcoming AirTags to be located more quickly/precisely. Or enable a better AR experience. They're basically GPS satellites for in-home position finding. (Ultra-wideband uses time-of-flight, just like GPS)