So let me get this straight...

[Cyber Akuma]

Jot is practically a superhero to everyone living in Mojo, nearly everyone knows him, he's basically considered a celebrity and there are even large statues erected of him...

... and he's still a squire? Not a knight? Where is even the knight he's training under? How impressive must that knight be if Jot is this amazing to everyone?

[zoddy]

There were a different form of squires (not sure about the correct english term) that were not working under a knight, but either did not get their knight status or just did not have the money for it.

That is the only explanation I can come up with :D.

[Gameshrk90]

Knighthood has to be accepted, yes? Maybe he was offered knighthood already and felt unworthy?

[Seafarinhare]

I initially asked this as well, but it turns out a Squire can just be a guy of high social standing, who owns and lives on rural land. Which I guess is true of him. His little house seems pretty rural.

[Cyber Akuma]

That's a newer definition I think, though he doesn't seem like any sort of noble. Also the definition says "lives on an estate in a rural area"