What differentiates a "premium/business" laptop with a regular cheap ultra portable? Not RAM, CPU, battery or screen specs, that much is certain. Surely it must be more than just the "HP brand" and a fingerprint reader???
I think it mostly just comes down to build quality, like a shell made out of a solid block of aluminum alloy, for example, as opposed to plastic for the budget models. That can potentially result in improved durability, and the better heat conductivity of such materials may also allow the same hardware to be packed into a more compact form-factor. Of course, it also results in many of these devices being more or less unserviceable on the hardware side of things. You may also see better battery life, better keyboard and screen quality, and so on, that may not be obvious from the basic specs. From a value standpoint, the cheap ultraportable will likely be the better option, but these "premium" options are there for those willing to spend a lot more for something slightly better.
At $1549 the only thing premium is the price because the specs of 8GB of RAM, an Intel i5 and only a 1080p screen from 1990 don't.
Who had 1080p screens in 1990? 640x480 would have been considered the norm for new computers then. : P
While 1080p might not exactly be considered a cutting-edge resolution now, at 13.3", the pixel density is comparable to having 4K on a 27" display. The 4K option actually seems quite overkill at this screen size.