MCP1755 has Power Good Output (PWRGD) output pin which is open drain. In page 15 of data-sheet it says
The PWRGD pin may be pulled up to VIN or VOUT. Pulling up to VOUT conserves power when the device is in Shutdown (SHDN = 0V) mode.
1) How should I connect this pin. Should I leave it as not connected or pull it up to Vout pin with 10K. (I will not monitor the operation of converter I want only proper 3.3v regulation).
2) What is the exact purpose of this pin. Should we connect it to an ADC to see the operating condition if we want.