Building blocks are reusable pieces of code that are consistently implemented in the SAP Fiori elements framework. SAP Fiori elements floorplans consist internally of these building blocks. If you use building blocks, you can be sure that your app follows the SAP Fiori design guidelines and that standard features, such as draft handling or side effects, are automatically supported by these building blocks. They are metadata driven, just like the floorplans.
You can extend standard floorplans using building blocks in extension points. You can also create custom pages by combining building blocks.
Building blocks are not SAPUI5 controls, but rather a set of templating instructions that used to create a specific control tree, depending on the bound data structures.
See the list of all available building blocks: Overview of Building Blocks
You can also explore sap.fe.macros, a library of building blocks provided by SAP Fiori elements.