My thoughts are "Why do they need one?". It's not like UEFI stops you doing anything.
UBIOS's unique features over UEFI include increased support for chiplets and other heterogeneous computing use-cases, such as multi-CPU motherboards with mismatching CPUs, something UEFI struggles with or does not support. It will also better support non-x86 CPU architectures such as ARM, RISC-V, and LoongArch, the first major Chinese operating system.
[citation needed]
I would say this is about increasing the level of control of the platform, not about technological issues.
Edit: For example, here's the RISC-V UEFI specification.