Earlier quoted context omitted.
GPS doesn't work underwater. Would it be for finding your way back to the boat after resurfacing?
If you can't see your boat after you've resurfaced something has gone pretty wrong. Most professional divers will be using a Surface Marker Buoy which indicates where they are underwater and where the boat should be looking to pick them up. One feature that would be very useful under water but was disabled was Compass way tracking. Hopefully Apple thinks about it allowing it.
These are generally deployed only during the safety stop, not for the entirety of the dive for obvious reasons-- handling up to 120ft of line underwater for the length of a dive would be near impossible. They would be pretty useless if you resurface and can't see the boat.
That said, you are right, something would have had to go pretty wrong to not see the boat. During a dive trip earlier this year my buddy and I resurfaced 1mi+ from where we were supposed to. But even then, we saw the boat, they saw us and our SMBs and it wasn't a huge deal other than getting the "pickup of shame".