What does it do, that a laptop (Plus a DAC) cant?
(EDIT : assuming the laptop is not a locked down device belonging to someone else

)
General answer - a laptop + DAC is a streamer + DAC. The Ultra is a digital streaming pre amp with DAC and EQ/bass management and a sub out.
Now more specifically, these days you can get a PC to do pretty much anything these days, including a lot of the above.
But one of the glories of the Ultra is one box, plug & play.
Getting a PC to do all of the above involves downloading programmes/apps, learning to use them (not always easy) possibly buying extra boxes/soundcards/miniDSP, installing, learning how to use.
You’re going to have to do quite a bit to a PC to turn it into a pre amp with line level, phono and HDMI inputs.
And ultimately, whilst possible, if you wanted to cover all bases on the in and out front, that’s not going to come cheap.
Finally, whilst we’re still waiting for Amir to review and measure the ADC on the WiiM, that’s yet another base that needs covering.
Sorry, did I say finally? Adding facility for both a remote, and control from your phone, that’s not going to be either free or plug and play either.
Hopefully I’ve covered everything.