Olive Pomace Oil is produced from the pulp and leftover flesh of the olives, after the first press is done creating Extra Virgin Olive Oil. Even though it's a lower grade of oil that makes use of the "leftover" oil in the olive remains, it is still produced from olives.
Olive oil is one of the most well-regarded oils in the world. Even if it is a lower grade of oil, being "second best" is still better than many of the alternatives out there in the market.
For any food manufacturer looking for a healthy alternative to conventional soybean oil, this is a common choice: it's healthier, it's well regarded, and it still has a light color and flavor to make it a simple substitute.
All the grades of olive oil, including olive pomace oil, are usually non-GMO. As more and more consumers look for assurance that their food is non-GMO (or Non-GMO Project Verified™), this naturally GMO free ingredient is an ideal choice.
Olive pomace oil is a naturally gluten free ingredient. This may seem obvious to some, but since many manufacturers now have to confirm the gluten free statement of their ingredients, it's always helpful to reiterate.