The idea of sectional curvature is to assign curvatures to planes - the sectional curvature of a plane $\Pi$ in the tangent space is proportional to the Gaussian curvature of the surface swept out by geodesics with starting directions in $\Pi$. Intuitively you're taking a two-dimensional slice through a given plane, and measuring the classical two-dimensional curvature of this slice.
For the purpose of computation, the easiest way to represent a plane is by two vectors $u,v$ that span it. In the case where $u$ and $v$ are orthonormal, the sectional curvature is simply $\langle R(u,v)v,u\rangle$. You can determine this is the correct expression in the 2-dimensional case by showing it's equal to the Gaussian curvature, and this carries over to general dimension using the Gauss-Codazzi relations and the fact that the second fundamental form of the slice is zero at the base point of $\Pi$.
The formula you've given is in terms of an arbitrary basis for $\Pi$. It's clear that the formula must change in this case, since e.g. scaling one of the vectors linearly would change the curvature expression quadratically. To find the correct formula in an arbitrary basis, you can e.g. apply Gram-Schmidt to $u,v$ to get an orthonormal basis $e_1, e_2$, then write out $K = \langle R(e_1,e_2)e_2,e_1 \rangle$ in terms of $u,v$ and use the symmetries/bilinearity of $R$ to simplify.