Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
You can't "get rid" of this folder, in which certain required data are stored (among which the Word backups, etc.) Why on earth do you want to get rid of it? Many other apps will store some data in the Documents folder.
And, by the way, you can't change the contents of the "Microsoft Office 2001" in your "Applications" folder either, and you can't rename or move the applications around, That's how it is.