Note that $ \sum_{k=0}^{n-1} 2^k=2^n-1$. Therefore, the highest power of $x$ in $\prod_{k=0}^{n-1}(1+x^{2^k})$ is $2^n-1$. In other words, none of the terms will repeat as we keep multiplying by $1+x^{2^n}$. Thus, the relation can be obtained using induction.
It is easy to see that for $n=1$
\begin{equation}
\prod_{k=0}^1(1+x^{2^k}) = (1+x)(1+x^2)= 1+x+x^2+x^3.
\end{equation}
Now, let us assume that $\prod_{k=0}^{n-1}(1+x^{2^k}) = \sum_{k=0}^{2^n-1} x^k$. Then, we have
\begin{equation}
\prod_{k=0}^{n}(1+x^{2^k}) = \left(\sum_{k=0}^{2^{n-1}} x^k\right)(1+x^{2^{n}}) = \sum_{k=0}^{2^{n}-1} x^k+ \sum_{k=0}^{2^{n}-1} x^{k+2^n} = \sum_{k=0}^{2^{n+1}-1} x^k.
\end{equation}