OK, you have the real deal. Mine is a 1.5" PVC pipe sticking out of the ground. Mine is not a bored well, but a pipe that just extends into the gravel under the pool. My immediate concern is that it is a tripping hazard or a cut-foot hazard. The PB suggested that the pipe should remain open to atmosphere as an "open" system.
Since I am not familiar with your type of well, then I would say leave it uncapped as the guy suggested. Yes, definitely decorative. You want it to look nice.
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