Well the hybrid configuration depends on it and is used essentially for free/busy sharing between your on-prem org and Exchange Online.
https://learn.microsoft.com/en-us/exchange/federation-exchange-2013-help
With all your mailboxes in ExO, you haven't noticed it however :)
If you re-run the Hybrid Wizard it will look for a valid Federation Cert and throw an error if one doesnt exist.
Example: https://techcommunity.microsoft.com/t5/exchange-team-blog/how-to-address-federation-trust-issues-in-hybrid-configuration/ba-p/1144285
Of course there is no absolute requirement to have it in your scenario, but it wouldnt hurt to create a new one and clean that up either
https://learn.microsoft.com/en-us/exchange/renew-the-federation-certificate-exchange-2013-help#replace-an-expired-federation-certificate
https://learn.microsoft.com/en-us/exchange/configure-a-federation-trust-exchange-2013-help
and its pretty easy to do.