I think I'd like to claim that $S[BU]$ is somehow... something bigger.
I mean, it's clearly significantly more than just, say, a Eilenberg-MacLane type object.
And the point is, my current working theory at least, that it's something like the spectral bialgebra whose associated monoid is the automorphism group of complex orientations (aka topological formal group laws), or some such nonsense.
But I do think @MingcongZeng gets to something pretty deep. That is, what's the exact difference between a complex orientation of a ring spectrum $R$ and a formal group law on $R_\ast$?