Why in there a light called "ECO" on my Honda Pilot 2007 2WD ?

Yeah I have a similar thing but it's ETS, and it says "ETS not activated" its on my 98 pontiac grand amm.
 
It's a setting for your vehicle's system. You may set your car for economy or power, allowing you to get more pick-up at the cost of more fuel consumption. If you read your manual, you'll learn how to toggle the settings and the estimated fuel mileage exchange for choosing each setting.
 
economize. this light/button is probably near you A/C and its to turn off you compressor, which saves gas, however if the compressor is off that means that soon you a/c is going to get hot and you need to turn it back on. just press the light/button again to turn the economy mode off
 
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