The pivot point is where the corner of the editor widget is in the object. So for the cube:
we can see it’s in the center. But, if you bother to rummage around, and find the cube in Game/StartConent, the pivot point is at the base:
You can fiddle around and move pivot points in the editor, but they aren’t permanently changed. In order to do that, you need to use an external package, or a plugin like: