One conception is "take me back to the previous screen I was on", one is "take me one level up the hierarchy." They're often but not always the same.
Mac Finder is a perfect example of a program correctly implementing the two. If you're deep in some folder and then press cmd+win+l to go to ~/Downloads, cmd+up will get you to ~/, but cmd+[ will get you back to where you were before, even if this was deep in some network drive, nowhere near ~.
I feel like mobile OSes lean towards "one level up" as the default behavior, while traditional desktop OSes lean more towards tracking your exact path and letting you go back.