A common notation used for this topology on $C(X)$ ($2^X$ or $H(X)$ for hyperspace, or $\operatorname{exp}(X)$ are more common, as $C(X)$ is also used for the space of continuous functions on $X$..), the so-called Vietoris topology is to define for $A \subseteq X$
$$\langle A \rangle = \{F \in C(X)\mid F \subseteq A\} \text{ and } [A]=\{F \in C(X) \mid A\cap F \neq \emptyset\}$$
The most standard subbase for a topology on $C(X)$ is then defined by
$$\mathcal{S}=\{\langle U \rangle , [U] \mid U \neq \emptyset, U \text{ open }\}$$
Your sets $S(U,V)$ are then open in this topology as $\langle V \rangle \cap [U]$ and the sets in $\mathcal{S}$ are open in your topology as $[U] = S(U,X)$ and $\langle U \rangle = S(U,U)$. So both families of sets generate the same (Vietoris) topology.
The sets $B(U_1, \ldots, U_n)= \bigcap_{i=1}^n [U_i] \cap \langle \bigcup_{i=1}^n U_i \rangle$ are indeed part of the base generated by $\mathcal{S}$ too.
These sets are also denoted by $\langle U_1, \ldots U_n \rangle$ in the literature. (for one subset $U_1$ there is no ambiguity with the earlier notation.)
In fact, if we consider a finite intersection of subbasic elements we can note that $\langle U \rangle \cap \langle V \rangle = \langle U \cap V \rangle$ so that one type is closed under finite intersections, so we can collect them together into one subbasic set.
So we can write $$\bigcap_{i=1}^m \langle U_i \rangle \cap \bigcap_{j=1}^n [V_j] = \langle (\bigcap_{i=1}^m U_i) \cap V_1, \ldots, (\bigcap_{i=1}^m U_i) \cap V_n , \bigcap_{i=1}^m U_i \rangle$$ so that the base is part of the standard base generated by the subbase. Hence the base generates the same topology as (either) subbase. Using "my" $\mathcal{S}$ is slightly easier for a proof that $X$ compact implies $C(X)$ compact using the Alexander subbase lemma (see my proof here), so that's why I prefer it.
Also, $[A]$ and $\langle A \rangle$ are closed when $A$ is closed, as $[A]=C(X)\setminus \langle (X\setminus A) \rangle$ and $\langle A \rangle = C(X)\setminus [X\setminus A]$, and it follows that $\langle C_1, \ldots C_n \rangle$ is closed when all $C_i$ are. This makes the inclusion
$$\overline{\langle U_1, \ldots U_n \rangle} \subseteq \langle \overline{U_1}, \ldots \overline{U_n} \rangle$$ quite clear.
The reverse inclusion need not hold in all spaces: let $X=\{0,1\}$ be Sierpiński space with $\{0\}$ open. Then $C(X)= \{\{1\},X\}$ and $\langle \{0\} \rangle = \emptyset$ while $\langle \overline{\{0\}}\rangle = \langle X\rangle = C(X)$. It does hold in $T_1$ spaces (so when all finite subsets are closed), for that I'll refer you this proof on this site.