ravmitterhoff, welcome to the Canvas Community! Since this is a question about the design of Canvas I'm flipping this to a discussion so we can have the conversation without searching for a right/wrong answer.
Personally it doesn't bother me and as an Admin I've never had an Instructor or student complain about it confusing them. So, while I agree that it is redundant, it doesn't seem to be a harmful redundancy. As to the why... I'm honestly not sure and I'm not sure anyone in the Community can truly answer the why to that either. I know past experience with other websites has shown that quite often clicking on the logo for the company/brand will take me back to the "home page," but they also normally have a specific link or button that will do it as well. My "guess" is that Canvas wanted their logo prominently visible (because what company wouldn't?) and figured it was better to have that logo (that looks like a button) do something rather than nothing (and potentially confuse people more as to why isn't this thing that looks like a button not working?).
Since you're looking at Canvas with fresh eyes, did you have a recommendation or idea as to what the Canvas icon should direct people to? Or do you think the Dashboard icon should be removed and just leave the Canvas icon? I've been using Canvas for 5+ years so it's always interesting and useful to hear what people new to the system think and observe.
Thanks!
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