All concrete shrinks and cracks as it dries/cures … its just they way it is. Without any special provisions this cracking can be wide and random, which increases`the potential for water penetration, and is difficult to repair/seal.
In commercial construction walls typically have vertical joints built into the wall every 20’ to 30’ to help ensure cracking occurs at pre-determined locations, which are then caulked with a flexible sealant. The walls can also be detailed to minimize the crack widths and potential for water penetration. For walls that need to be more watertight, a special strip of PVC (called a “waterstop”) is also placed across the joint at about the middle of the wall.
Although it not common in residential construction, I agree that looks like a control joint in the wall … although it doesn’t appear to be caulked with flexible sealant.