When ECO mode is enabled, the power supply fan will not spin until a specific temperature is reached. To enable ECO mode, there is a switch on the back of the power supply. With ECO mode enabled the fan should not run until the power supply hits 55c. If the temperature reaches or exceeds this threshold, the fan will turn on to prevent overheating.
source:
https://www.evga.com/support/faq/afmviewfaq.aspx?faqid=59497
Without Eco Mode enabled, your PSU fan starts spinning once PSU reaches 40°C, as seen from the source i linked.
I have Seasonic PRIME 650 80+ Titanium powering my Skylake build (full specs in my sig) and my PSU also has a button that allows me to turn on my PSU's hybrid fan control. I have it enabled and i haven't seen any issues with it.
Though, Seasonic Premium Hybrid Fan Control controls the fan speed by the load on PSU, while EVGA Eco Mode controls the fan by the temp of the PSU. If the temp sensor inside the PSU starts acting up, ECO mode can do more harm than good.
There's only 3 benefits of Eco mode:
1. Increasing PSU fan longevity since PSU fan doesn't run until PSU internal temp reaches 55°C.
2. Less power consumption since PSU fan doesn't spin that frequently.
3. Less PSU fan noise due to the more relaxed fan curve.