So I was looking at the Ranger's Natural Explorer feature, and noticed that the Urban Tracker option gave proficiency in Thieves' Tools. Since the Thieves' tools say they use your Slight of Hand skill, does this feature actually do anything currently?
Yes - if you pick the Urban Tracker you get the Slight of Hand proficiency skill. The character creator doesn't always show this if you already have adjusted your ability scores from the recommended options. It will eventually if you just click about to appearance tab or origin tab. Proficiency list sometimes glitches at least it did until the hotfix. Haven't gotten on the game yet to check.
Yes it still glitches, you after you pick ranger extra proficiencies - go to skills tab and select/deselect some skill - it will refresh everything and show you that you picked Sleight of Hand.
And yes, picking that thing gives you Sleight of Hand proficiency, so you get more than just what tooltip says - it's also pickpocketing. I think they rolled Thieves' Tools proficiency straight into Sleight of Hand, so might as well adjust tooltip.