I largely agree with the sentiment that keywords shouldn't be allowed as identifiers. Most modern computing languages have 20 or maybe 30 keywords, in which case imposing a moratorium on their use as identifiers is entirely reasonable. Unfortunately, SQL comes from the old COBOL school of languages ("computing languages should be as similar to English as possible"). Hence, SQL (like COBOL) has several hundred keywords.
I don't recall if the SQL standard says anything about whether reserved words must be permitted as identifiers, but given the extensive (excessive!) vocabulary it's unsurprising that several SQL implementations permit it.
Having said that, using keywords as identifiers isn't half as silly as the whole concept of quoted identifiers in SQL (and these aren't DB2 specific). Permitting case sensitive identifiers is one thing, but quoted identifiers permit all sorts of nonsense including spaces, diacriticals and in some implementations (yes, including DB2), control characters! Try the following for example:
CREATE TABLE "My
Tablé" ( A INTEGER NOT NULL );
Yes, that's a line break in the middle of an identifier along with an e-acute at the end... (which leads to interesting speculation on what encoding is used for database meta-data and hence whether a non-Unicode database would permit, say, a table definition containing Japanese column names).