Being able to be move quickly forward, backwards, and laterally in basketball has a lot to do with flexibility and the ability to play down at a certain level. If you are always straight up and down, you won't be able to generate quick and explosive movements. The body weight squat exercise is going to help you specifically work on opening up your hips and core, as well as develop strength in your legs. By practicing this movement in the weight room, you will be able to transfer it over to the court, and you will be able to play lower to the floor.
This is also a beginner basketball exercise that is going to help you work on your form before getting into doing weight squats with a barbell or dumbbells. The reason for this is because you want to make sure that your form is correct. This will hopefully help to prevent injuries, and also maximize the muscle growth and strength in your legs. You really want to make sure that you are getting all the way down and back up on each repetition.