Squats don't just build strength and muscle; they're also a functional compound exercise because they work multiple muscle groups and joints and mimic the types of movements you'd do in real life outside the gym — picking something up, getting out of a chair or sitting down, for example.
The bodyweight squat is the first place to start when learning how to squat properly, but over time, you might want to add new squat variations. Most people like to learn the quad-dominant front squat and the back-body-dominant back squat, as you can arguably lift the heaviest.