Query-Based Memory (QBM) models are heavily used in machine learning, though their relevance to human cognition is unclear. In this paper, we explore QBM models through both formal exploration and a simulation study to address this question. We found that QBM models are theoretically motivated, as they approximate rational induction with neurally-plausible mechanisms. Additionally, a simple implementation of the model could readily reproduce four benchmark findings in infant statistical learning. These results provide an encouraging starting point for further research using these formal tools to understand cognition across development.