Typically, you get an ODBC tool when you install something that uses a backend database, or provides a backend database. Those sorts of things tend to want to be configured, and an ODBC tool lets you point your client at a specific database server.
I'd really, really want to know what installed it and when- and to see if it's got anything in /Library or ~/Library that's configured.
[Edit] Nevermind, it's shipped with OSX in Applications->Utilities.
Just leave a copy in the original directory and don't worry about it.