Not because of the highly processed and refined wheat (and sometimes sugar) that usually constitute its main ingredients?
The industrial processes that make grocery store flour are not just the same old milling and sifting we've been doing for centuries, but a qualitatively different way to treat food.
Further, in the USA, several states still allow the use of bromate to speed up the flour aging process. Any industrial bread in those states will have this rather unhealthy chemical in it.
I'm not remotely surprised to see sliced bread count as "ultra processed".
Perhaps the human stomach needs to take its time digesting whole foods and fibers in their natural form to produce feelings of satiety for longer periods of time?