While little has been announced so far, these timeouts have been long present in esports such as CS:GO. Their presence will allow each team to call a pause in the game -- once per map -- to consult with coaches, and change strategies as necessary. This will hopefully lead to more complex counter-strategies and closer, more entertaining games.
These timeouts have already been in effect in the LATAM BR6 tournament, where each team has one chance per map to call for a 60-second timeout. Going forward, adding timeouts to regular season matches is being considered, and will likely depend on its feedback from this event.