Unit vectors have a normalized length, so the only difference between two unit vectors is the "heading". The angle between them can be interpreted as the the "difference" or distance, between them.
Since you can compose any vector in the space out of unit vectors, you can extend the concept. See above comment inner product -> metric space.
What is a proper distance function is (1 - |a*b|). That's proportional to the distance between those points on the plane spanned along the circumference of the circle/sphere/hypersphere as it's projected onto that plane.
The dot product of two unit vectors is the cosine of the angle between them. Since cos^-1 (u*v) is the angle between them, or the geodesic distance between u and v regarded as points on the sphere, which is a distance. But the dot product is not.
If u = v, then u*v = 1, but for two points not equal to zero, the distance between them should always be zero. Remember that u*v = 0 if u and v are perpendicular. If neither u nor v are 0, then for them to be perpendicular, they must certainly not be equal. The dot product does not behave like a distance.
