Have you ever played with legos? Imagine if you have two big piles of legos and you want to see how similar they are. One way to do that is to count how many legos they have in common. That's kind of like an inner product in math.
The Hilbert-Schmidt inner product is just a fancy way of doing this counting process, but with infinitely many things, instead of legos. Imagine you have two infinite sets of numbers, and you want to see how similar they are. The Hilbert-Schmidt inner product helps you do that.
What happens is, you take one set of numbers and you multiply each number by a related number from the other set. You then add up all these multiplied numbers to get a single number that tells you how similar the two sets of numbers are.
It's like taking a bunch of pictures with a camera, and comparing each pixel of one picture to the corresponding pixel of the other picture. If they're the same color, you add up that pixel's value to see if the two pictures are similar.
The cool thing about the Hilbert-Schmidt inner product is that you can use it to compare all sorts of sets of things, not just numbers. You can compare functions, vectors, or even entire matrices using this method.
Pretty neat, huh?