I play this quite often, but usually 7.Nbd2 instead of 7.Bb3. There are a lot of subtleties in this system and I won't pretend to be an expert, but here is how I see it:
1. If the bishop remains on c5 there are sometimes tactics further down the line if white can play d4 safely eg. potential double attacks on Bc5 and a Ne5, or just the tempo of d4 Bb6 e5. Also a6 simply begins a claim for space on the queenside which white will probably try to do himself at some point with a4 or b4.
2. I personally don't like to play Bg5 and leave it on c1 until Nbd2, Nf1, Ng3 for example has been played. I feel that the bishop may be stuck out of play over on the kingside, or that black can go h6, g5 and suddenly my own kingside is getting twitchy (especially if black has not yet gone 0-0). I have noticed the Bg5 move in GM games though so obviously it is a move. As I say, just the way I see it.
This is a pretty common position to reach in the italian game. After studying it with databases i have 2 questions:
1. A common plan for black is to play a6 followed by Ba7. Why is this necessary? How can white punish black if he skips this maneuver? I don't see that blacks bishop is badly placed on c5.
2. A common plan for white is to reroute the b1 knight to the kingside by playing Nbd2 to start the journey. Should black play Bg5 first or is it better to leave the bishop undeveloped for now? What are the ups & downs with each idea?