In the balls and bucket scenario, ideally you'd want to scan all the buckets and put the ball in the least filled one.
By picking two random buckets and putting the ball in the least filled of the two, you approximate the ideal algorithm.
The chance of picking two relatively filled buckets is inversely proportional to how "bad" it is. If there are just two buckets which have more balls than the others then it's relatively bad to pick those two, but chances are low. And vice versa.
Still, hadn't thought about this before, interesting trick indeed!