Well, IRL, Brakes only squeak if there is something wrong with them. (like rust on the rotors, worn out pads or warped disks / rotors). I don't think the devs are prepared to implement brake wear and the sounds that accompany it. When or if they do, I think simulating brake thermals, dynamic brake fade, and fluid vapor lock will be more important to them than long-term wear. (at least until campaign mode comes out.)
I hope you realize the description of the video you posted said the brake pads are very worn out, and that causes the sound. Given that the cars in this game are mostly supposed to be as they would after leaving the factory (brand new), it would only make sense to add brake sounds to cars like the Covet Beater version.
Dust and random particular junk can cause a brief brake squeal for the first few uses (or more if foreign debris gets lodged in the wrong spot), as can letting a car sit for longer than a few days. As others are saying, persistent squeal is generally a result of worn out components, but that doesn't mean that a car's brakes will never squeal in other circumstances. I'd like to see them add it at some point, but it wouldn't break my heart if they chose not to. At this point of the sound development, adding good brake squeal would be like putting a cherry on top of an unprepared box of cake mix.
Simon, do you know what happens when you use grammatically correct sentence structure? You seem more intelligent to others.[CITATION NEEDED] Simon, do you know what happens when you seem more intelligent to others? They are more likely to listen and understand you. Simon, why don't you use grammatically correct sentence structure? ON TOPIC: This is a pretty useless feature at this stage in development. The developer's time is much better spent on that hot new coupe that gabe teased a while ago. Or, if you need new sounds to make you giggle and sleep at night, I would prefer police sirens to brake squeal.