The Bucks have stayed put before the trade deadline, but added all they would ever want to end up with a dreadful roster that is as deep and with as much quality a roster can be for the upcoming postseason on Marvin Williams!
There was an obvious for an experienced and knowledgeable observer "hole" in the Bucks roster caused by the luck of a big and lengthy SF/PF 3&D wing which was causing some weaknesses on the Bucks game:
1. Khris Middleton plays SF for 90% of his time, because he is the lengthiest among the "army of wings" that the Bucks have in their roster, but Khris is as effective if not even more effective when he plays at SG, because he is also an excellent passer of the ball as well as a great "ball-handler" who can help and expand the PG's game in playmaking. Therefore by adding Williams, the Bucks can now have a "big" 3-towers line up on the floor with Williams taking some of Middleton's minutes at SF and Khris spending more of his time at SG.
2. The Bucks have the entire league's negative record by being the team that allows its opponents to score more 3pts against them, than any other team in the NBA. The few defeats that the Bucks have suffered this season, were all because the opponent team scored exceptional number and percentage of 3pt shots against the Bucks. This was because the size and length of the Bucks wings that were guarding the periphery, was allowing the lengthier shooters of the opponents to shoot over them and take the shots practically unguarded.
By having Williams playing the SF and Middleton the SG, the Bucks can now move Middleton to guard the periphery and have (excellent defender) Williams to defend the mid-distance area around the paint as well as assist the bigs on collecting the boards.
3. The Bucks had only Ersan Ilyasova to rotate on Giannis, who does have the size and length required, but is a slower and by far less athletic PF/sbCF "big" who can't really make up for the absence of Antetokounmpo's game, since Giannis moves like a wing, is fast on the breaks and can stretch the floor with the ball faster than any other player.
Now by adding Williams, the Bucks have an additional on Ilyasova rotation piece that can use for when Giannis takes breaths, but can additionally "load manage" Giannis much better so that they can condition him and have him to his best for the postseason, but have also added a player who's game resembles better a wing's game like with Giannis and additionally, the Bucks can have more of Ilyasova's time playing at sbCF.
But other than making a very important addition to the roster, the Bucks have also hugely benefited financially for the next season, because if the Bucks would have proceed on a trade for a big SF/PF wing before the trade deadline, it would have surely costed more assets to depart in order to match salaries, but would have probably costed the picks they now have in stock too.
Of course the Bucks lost one of the most valuable assets they were counting a lot upon for their future on 22y.o. Dragan Bender they had to waive in order to open a roster spot up, but then Bender was a future plan (albeit an important one) that couldn't be counted for immediate win-now contribution which is what a contending for the title team like the Bucks needs more right now and then, the cost of adding a player with similar to Williams' abilities (or Williams himself but via an "offical" trade) would have surely costed to pay Bender as return and then much more on top of that.
As it looks, it is quite eye-popping that Bender is now heading to the Hornets in what in all reality is a "player for player camouflaged trade", which couldn't happen under the CBA rules and which benefits both sides on their (very different) priorities, but the players too.
Hornets are on the finishing touches of an extremely successful rebuilt which adds (and then perfectly) a clutch potential center to the rest of clutch potential youngsters the Hornets have invested upon for their (bright) future which is as promising as any other in the league and the Bucks add an important player who increases further and by a lot the roster's capabilities in order to contend for the championship this season. OTOH, Bender goes to a new home which is ideal for his age and potential, while Williams at his 33y.o. has a huge and unique opportunity in front of him to be part of a championship contending team and fight to add "a ring" in his career.
Win-win for all sides.