A narrow pulse in time requires a wide spectrum. Ultra-wideband occupies hundreds of megahertz precisely so its pulses are short enough to time accurately, and short pulses are what separate a direct path from its own reflections.
That is the whole advantage over signal-strength methods. Received power varies with obstruction, orientation, body proximity and reflection at least as much as with distance, so an estimate built on it is noisy in exactly the environments where location matters. Time of flight does not care how strong the signal is, only when it arrived.
The arithmetic is unforgiving. At roughly thirty centimetres per nanosecond, a one-nanosecond timing error is a thirty-centimetre position error. Sub-metre accuracy is therefore a sub-three-nanosecond timing problem, which is why UWB hardware is built around timestamping rather than around radio sensitivity.