This progression, or at least a simplified version of it, is a classic standard progression - almost as well used as the standard 12 bar blues progression. Pre-War blues players used it for dozens of songs- countless songs by Blind Boy Fuller for instance.
The G7 at the end of the first line is less common, and Ab7 is commonly used instead of the Cdim - some go for Fm which also has an Ab note for the infectious trademark descending bass run.