Actually, yeah! The "soup" setting nukes it in such a way that you don't get a scolding hot bowl + top layer of soup, while everything else stays cold. (Mostly by spinning the tray and heating it in a burst-like pattern, I think)

I still would rather just cover the dish with another bowl, which achieves a better & faster result.

IANAMS (I Am Not a Microwave Scientist), but observationally it seems to me that bowl material has most to do with microwave results. I have a few bowls (and mugs) I never use in the microwave, because they seem always to get hotter than their contents. Later, I'll try one of them on "Soup" to see if it makes a difference.