I haven't used DM in a long time. However, as I said, the
Install app actually installs the OS. It's not bootable itself, it is just an app. DiskmakerX comes from here:
DiskMaker X
Here is the image of the page you get there when you select Download:
Note two columns with blue entries, one called "Latest version and download link" and the other "Download link for the macOS installer." You needed to first download Diskmaker X 9 at the link on the left side, and then get the installer from the link on the right side. I suspect all you did was click on the link on the right to download the installer and not the Diskmaker app.
When you run DM, it will lead you through the steps to create a bootable USB drive. If it doesn't do that, what you got may well be bogus. I keep saying that because the security in macOS is pretty good, as long as you, the user, don't authorize bad actors to do things. The safe way to add applications to your Mac is to go to either the Mac App Store, where applications are vetted by Apple, or by going to developer websites for developers you trust. I never, never, never download from any aggregator site, like download.com, cnet.com, any site with "soft" in the name (other than Microsoft). Aggregators are historically well known for "bundling" what they want you to have with what you want and installing what they want as they install what you want.
OK, enough soapbox. What to do with Install...? Depends on what you want to do. If you still want a bootable installer, get Diskmaker from that link I gave, then run it and point to the Install file for it to use.
Or, just throw it away. You have, as you said, a bootable drive and theoretically could get the installer again from Apple if you needed it for some reason.
BTW, the "4b4" in the name of the installer says it was a beta version, so not a production version of Diskmaker.
EDIT: I used the Catalina line at Diskmaker. There is a separate line for Sierra, El Cap and Yosemite with Diskmaker 6. You need to match the versions of Diskmaker and the Install files to make it work.