The orientation and location of the point cloud's origin can affect navigation and editing in several ways. The most common reason for changing the origin is for working in large-scale point clouds, such as aerial views, where the scans are miles apart.
On the Project screen, hover over Display Settings → Points → Update Origin.
In the point cloud, click the new origin point and press the Tab key. A blue disk graphic indicates the plane that is perpendicular to the current z axis (which indicates the "up" direction).