The key is understanding why this is the result of multiplication. Each time you make a choice of box, the next step can occur for any of the possible $m$ first steps. Imagine actually doing this, first ball by ball, and then doing it over again box by box.
Going ball by ball: for the "first" ball you have $m$ choices of box. Put it in a box. Now, you only have $n-1$ balls left, but you still have $m$ bins. You can no longer put that ball anywhere. So for the "second" ball you can put it in any of the $m$ bins.
Going box by box: for the "first" box you have $m$ choices, pick one and put a ball in it. Now you have $n-1$ balls left but you still have $m$ boxes. So the "second" box could be the same as the first box.
Think about a simple example with two balls and three boxes.
Going ball by ball: place the "first" ball in a box. Either you put it in box $a,b,$ or $c$.
If you put it in box $a$ you can still put the second ball in box $a,b,$ or $c$.
If you put it in box $b$ you can still put the second ball in box $a,b,$ or $c$.
If you put it in box $c$ you can still put the second ball in box $a,b,$ or $c$.
So your possibilities are $(aa), (ab), (ac), (bb), (ba), (bc), (cc), (ca), (cb)$
Going box by box: pick a box, and place a ball in it.
If you pick box $a$ you can still put the second ball in box $a,b,$ or $c$.
If you pick box $b$ you can still put the second ball in box $a,b,$ or $c$.
If you pick box $c$ you can still put the second ball in box $a,b,$ or $c$.
So your possibilities are $(aa), (ab), (ac), (bb), (ba), (bc), (cc), (ca), (cb)$