No, it is really simple. Covered means the company that issued the form absolutely knows everything about your basis. They can take responsibility and confirm those numbers.
Noncovered means the company can't say for sure or does not want to. There are many reasons a company will send a form as noncovered. It simply means the basis is up to the taxpayer to figure out.
For many, it is the easiest way to issue a form.
Reference:
2023 Instructions for Form 1099-B - IRS
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