The Earth is what is called an oblate spheroid, if you were to over exaggerate this shape it would look like a pear. The equatorial bulge is created as the earth spins and to quote basic science it is inertial forced acting against gravity (advanced physics does not use these terms and explains it more indepth), as the equator is the widest point of the spin axis it is also the fastest point at approx 1000mph.
The bulge is not perceptible even on the deep space observatory full image pics, you can though use a computer to accurately measure and reveal the bulge, given the diameter of the Earth is approx 8000miles and the equatorial bulge is about 27miles that gives you a bulge of about 0.3 %.
As others have already posted gravity is what shapes our planets and becomes evident over a certain mass becoming more spherical the larger it is unless effected by external forces that may change this like a collision or even an encounter with a larger mass object whose gravitational field is far superior, oh and running out of fuel like a sun collapsing and exploding.