A motor arranged like that is for somewhere it only needs to turn in one direction. The diode shorts out the reverse back EMF when the motor is unpowered but hasn't stopped spinning, or the magnetic field that was generated by the motor windings is still collapsing. With PWM ESCs, this can be a lot of the time. Bi-directional ESCs have enough electronickery inside them to by-pass these unwanted spikes in voltage into the power wires without them damaging anything.
As said above, if it is going to spin both ways,remove the diode to stop it presenting a dead short in one direction.