Obviously it's a shorthand, but the interesting thing here is that different biologists come up with different implicit reasons. To an evolutionary biologist, the reason for a behaviour is how it grants an evolutionary advantage, so to them the reason for building dams is to create deep water which provides protection from predation.
But behavioural biologists look at what triggers particular behaviours, and we actually know this one thanks to experiments: Beavers hate the sound of running water. If you set up a speaker and have it play running water sounds, beavers will pile sticks on top of it! There's no grand dam-building plan; just mindlessly placing sticks wherever the noise is coming from.