The feature I believe is called COGO calculation. Essentially, this entails computing or calculating from a baseline using distance and offset parameters. The baseline itself can be established through previously collected points or temporary points.

A Laser Rangefinder would be paired via Bluetooth, then, a baseline or reference point is defined using either internal or external GPS. Subsequently, points and polygons relative to this reference point can be measured. This offers the advantage of measuring points and objects beyond physical reach, and would be, in my opinion, a great feature to have in QField.