Red Auerbach's Celtics had a handful of plays (and options) that helped win eleven championships in Bill Russell's thirteen seasons. Bob Cousy was an integral part of the run. In Basketball Concepts and Techniques he shares the Celtics' sets. Of course, having Bill Russell, the Joneses (Sam and KC), Tom Heinsohn, and others didn't hurt.
The three-point line didn't exist back when the C's ran this action.
The attractive 'concept' are clearing out the side and creating multiple options for 1 and options on the weak side off-ball screen.
At first glance, I wonder how the spacing works with a traffic jam at the top. I'm speculating that 2 sometimes cuts off 5 in "scissors-like" action for a basket cut or screens for 4 looking to get a switch. The 'options' look better than the base play.