Even if the submission didn't store the IP address of the user submitting the form, there are other tracking technologies in place on the site which could be used to locate the IP address of the visitor based on the timing of their visit, and usually also by their landing on the submission confirmation page (which has the ID of the submission).
We track the IP along with the submission to help prevent abuse. So for that reason, combined with the reason above, we don't envision suppressing the IP address as an option when the data is submitted.
However, since the submission data can be exported to CSV / Excel - what we'd recommend is that whoever has the privilege to do the export remove that column from the data before sharing / analyzing it.