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They don't serve a purpose in historical leagues. They are for fictional leagues, or at least for a way to add fictional players.
A feeder league is basically a high school/college level league that is created to give your fictional players some sort of statistical history for when you are deciding whom to draft. As for adding anything to the experience, that depends on how you like to play.
If you do want to add one, I'd suggest backing up your league file first. Then you want to go into Game Setup > League Setup and select your major league. In the bottom right-hand corner you will see the Add Minor League button and you can add feeders via that.
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