I wonder how that came to be used. It's a traditional way to distinguish eta and omega in transliteration from Greek, but it's not at all a traditional way to mark long vowels in general.
(I see that wikipedia says this about Akkadian:
> Long vowels are transliterated with a macron (ā, ē, ī, ū) or a circumflex (â, ê, î, û), the latter being used for long vowels arising from the contraction of vowels in hiatus.
But it seems odd for an independent root to contain a contracted double vowel. And the page "Abzu" has the circumflex on the Sumerian transliteration too.)
If it isn't a false cognate, I wonder what the function of "φ" and "ω" are..
Perhaps a circumflex was easier to typeset, like with logicians switching from Ā to ¬A and the Chomskyan school in linguistics switching from X-bar and X-double-bar to X' and XP?
(Note also that "tough" is pronounced t-uh-f /tʌf/, with nothing O-like anywhere in it.)