From a professional point of view, what can you exercise by tying sandbags to your feet?

Wearing sandbags on your feet mainly exercises 3 muscles.

First, the calf muscles, second, the ankle muscles, and third, the thigh muscles have been properly exercised because of the load bearing of the footsteps.

To sum up, your leg strength and endurance, as well as the toughness of ankle and achilles tendon can be improved to varying degrees, but you should pay attention to proper load bearing to avoid spraining your foot.