The product topology can be described in a few equivalent ways. One of these ways is "the weakest topology on the set $X=\prod X_\alpha$, that makes all the projections $X\to X_\alpha$ continuous.
Since all the projections need to be continuous, it follows immediately that any subset of the form $\prod U_\alpha$, where $U_\alpha=X_\alpha$ for all $\alpha$ except for one $\alpha$ for which $U_\alpha\subset X_\alpha$ is any open subset, needs to be open. Taking finite intersections of all the subsets of this form yields the basis mentioned in the question, and the topology it generates has the desired property of the product.
Another way to describe the product topology is by the universal property, which is: For any topological space $A$ and continuous maps $f_\alpha:A\to X_\alpha$, there is a unique continuous map $F:A\to \prod X_\alpha$, such that for every $\alpha$ we have $f_\alpha=\pi_\alpha\circ F$.
Now take for example $\mathbb{R}^\mathbb{N}$, the product of countably many copies of the real line. Let $A=\mathbb{R}$, and for every $n\in\mathbb{N}$ let $f_n:A\to\mathbb{R}$ be given by $t\mapsto n\cdot t$. Obviously, there is exactly one way to define $F:A\to\mathbb{R}^\mathbb{N}$ that will satisfy the above property. The topology on the product needs to be such that this map will be continuous. Consider now $U=\prod_{n\in\mathbb{N}}U_n$, where for every $n$, $U_n=(-1,1).$ Obviously, $$F^{-1}(U)=\bigcap_{n\in\mathbb{N}}\left(-\frac{1}{n},\frac{1}{n}\right)=\{0\},$$which is not open. This shows that the above $U$ shouldn't be open in the product topology.