Cos(x, y) = x . y / ||x|| * ||y||
If x and y are normalized:
Cos(x, y) = x . y
It also isn't a distance...
Since you can compose any vector in the space out of unit vectors, you can extend the concept. See above comment inner product -> metric space.
What is a proper distance function is (1 - |a*b|). That's proportional to the distance between those points on the plane spanned along the circumference of the circle/sphere/hypersphere as it's projected onto that plane.
If u = v, then u*v = 1, but for two points not equal to zero, the distance between them should always be zero. Remember that u*v = 0 if u and v are perpendicular. If neither u nor v are 0, then for them to be perpendicular, they must certainly not be equal. The dot product does not behave like a distance.