This item is a quest reward from:
Egbert is notable for frequently running around wildly and getting pretty far from his owner. Egbert responds to your character's run/walk toggle. If your character is set to walk, Egbert also walks around instead of running.
The other two item reward options from the quest line are Elekk Training Collar and Sleepy Willy. Only one of these could be chosen per year, but when the event repeats itself next year you will be able to choose another.
Its name is a reference to the U.S. Acres comic strip character Egbert, a chick that refuses to leave its shell.