IRL, the purpose is to help get the team better organized, and to get a little bit of rest. I don't know whether BB implements that effect or not.
I could see something like this: Each player has a an inside defending skill, and this is probably modified by the position played and the defense used and how tired a player is. If one team had scored 5 times in a row inside, the coach of the other team might call a TO and have his team concentrate more on inside defense, which might boost the inside defense at the expense of outside defense.
I do know that in BB if one team scores several times in a row, that the other team will call a TO.
The NBA also has a mandatory time out near the middle of each quarter, and if one team hasn't called it by that time, one will be called and charged to the home team. I think BB does have that TO.