This is basically a hope that one day, the whole of physics could become so simplified that we'd have a set of equations small enough to fit on a t-shirt. One of the biggest difficulties is trying to fit gravity into the mix; however gravity has awkward features that make it impossible to unify the final force of nature with the rest of physics.
Of course, this theory may not even be possible at all. So far the mathematical equations (laws of nature) have been pretty successful at explaining our world, but there is absolutely no guarantee that this success will continue. The universe may in fact be a lot less mathematical that physicists ever imagined.
Even though we have mathematical equations that can approximate nature very well, there is no math tahat can capture it exactly. A mixture of "mutually consistant theories" might also provide workable approxiamations valid in different domains. But there may not be one central principle that combines all of those approximations and works in all domains.
Right now we've got a very "mix-and-match" theory, but it is extremely ugly. For example; the huge list of if/then rules: If speeds are small and scales are big use Newtonian Mechanics; if speeds are large and scales are big use special relativity. "If beauty is truth, then mix-and-match must be false. But perhaps the root of the universe is ugly."