When you cannot open a custom Picklist (attempts return you back to the list of Picklists), you cannot click the Delete button for the errant picklist.
Putting the Delete option on the elipsis ensures you can always delete the item.
Further, unless there is a compelling reason to keep the Delete button on the edit screen, we should be consistent and keep the Delete button on a common location such as the elipsis on all forms.
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