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You will get this screen if you boot the PSBBN install disc when you already have installed PSBBN to the HDD, and maybe if HDD Utility Disc has already been installed to the HDD (I can't test that since I don't have HDD Utility Disc.).
PlayStation BB Unit Diagnosis and Repair - Seems to lead to options that test the drive for errors. It should find bad sectors/clusters and data and fix it or block it off from being written over with other files.
PlayStation BB Unit Initialize - Leads to the Install option that is selected by default when you haven't formatted the drive and installed PSBBN before.
PlayStation BB Navigator Install - Leads to an almost identical install option as the option above it does, except it mentions the HDD Utility Disc. Maybe it allows both to be installed at once... It doesn't seem to reformat the HDD before installing PSBBN.
DVD Player Install - Installs the version of the DVD Driver that is on the disc to a Memory Card. Model 50000 systems should already have the driver on the PSBBN 0.30 disc built into them.