ANTi demonstrates that shimmies aren't just good in Street Fighter, but are good in... Smash 4?
In the Smash Bros. series, something like this doesn't have any purpose. The reasoning behind this is that there currently isn't a way to tech grabs in Smash.
...So why did this work!? IMM|ANTi is certainly very creative to make a setup from the Street Fighter series work in Smash Bros.
Click image for animated version