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It only holds 30 odd days of data.
Not really hidden, it's been around since at least iOS 7.
The data is only stored on the phone, not sent to Apple and Apple can't access it, app developers can't access it, it also does not survive backups to iTunes or iCloud.
It's strictly an end user device level feature.
What it does is use crowd sourced information about cell towers, open WIFi, to reduce the time it takes to determine your location for things like nearby services, traffic, weather. etc...
Sounds Orwellian but it really is benign and actually useful.
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