According to T. S. Bryan, "The Geysers of Yellowstone," 4th edition, this feature does double duty as a rather erratic and intermittent geyser, and also as a catch basin (hence the name, maybe? unclear) and drain for runoff from the Three Sisters Springs when it is inactive. Bryan speculates that eruptions, when active, are "perhaps cyclic. Most intervals were only a few minutes long, but others extended for hours." Note that this description applies to the initial active period seen from 1984 on, "undoubtedly as a result of the 1983 Borah Peak earthquake" (Bryan). This activity didn't last long, and by the end of 1984 Basin Spring had become almost dormant again, with no further eruption reports until 2004.
There may be hope for a reactivation of this feature in 2017. Rocco Paperiello and Tara Cross both reported eruptions on May 4, 2017, on geysertimes.org. Their reports mention, in some cases, that "minor" eruptions first occurred that then built to a full-fledged "major" eruption, lasting about 2 minutes and reaching heights of 4-5 feet.