I always find these small fountains to be a reminder of the origin of the Cape Town we know today. As you no doubt already know, Cape Town (aka The Cape of Good Hope, aka The Cape of Storms) was once a replenishing station for trading vessels sailing around the bottom of Africa - often between Europe and India.
The water from this fountain no doubt comes from the slopes of Table Mountain, where rainwater drains into the ground and makes it's way to the lower-lying areas. Don't you think we're lucky to live in a city that backs onto such an awesome mountain?