Can the new UWB iPhones measure their distance towards other UWB iPhones?

Hi, I would like to ask here in case you know…
Is it practically possible for a developer right now (or at least theoretically in the future) to develop an App that can measure via UWB, the distance towards other Iphones?

UWB technology can take different forms in terms of ranging techniques. How does (or will) ranging work in these iPhones?

Thank you