The orange dot represents the “origin” of the object. I don’t think it’s too big of a deal for it to be halfway up the model. But generally I like the origin to line up with the model’s origin at the world origin point. You can try moving the rig/model’s origin there in object mode by selecting both objects and hitting “CTRL + A” to apply translation, rotation, and scale transforms. If that breaks stuff, then forget it – leave the origin where it is.
