Floyd–Warshall algorithm
You can prove inductively that on the $k$th iteration, the algorithm computes, for each pair of vertices $i,j$, the shortest path between $i$ and $j$ that passes through the vertices $1,\ldots,k$. How does it do that? When $k = 0$, you can read this off the adjacency matrix. For larger $k$, there are two possibilities:
The shortest path from $i$ to $j$ through $1,\ldots,k$ doesn't use $k$. In this case it equals the shortest path from $i$ to $j$ through $1,\ldots,k-1$.
The shortest path does use $k$. In this case you can break it up to two parts: a part from $i$ to $k$, and a part from $k$ to $j$. In both parts, the path only goes through $1,\ldots,k-1$.
You can therefore compute the shortest past from $i$ to $j$ through $1,\ldots,k$ using shortest paths that go through $1,\ldots,k-1$. Taking $k = n$, we obtain the unrestricted shortest paths.
Bellman–Ford algorithm
Let us consider first a parallel version of the Bellman–Ford algorithm which updates all weights simultaneously. In this case, you can show that on the $k$th iteration, the algorithm computes, for each pair of vertices $i,j$, the shortest path between $i$ and $j$ that is of length at most $k$. When $k = 1$, this is easy. For larger $k$, there are two possibilities:
The shortest path of length at most $k$ actually has length at most $k-1$.
The shortest path of length at most $k$ has length exactly $k$. Let $v$ be the penultimate vertex in one such path. Then the length of shortest path from $i$ to $j$ of length at most $k$ is the length of the shortest path from $i$ to $v$ of length at most $k-1$, plus the length of the edge from $v$ to $j$.
Once again, this can be computed by induction on $k$. Taking $k = n-1$, we obtain the unrestricted shortest paths (assuming no negative cycles).
The usual algorithm, which is sequential, is a bit different, but you can show that it is at least as good as the parallel algorithm.