I don't think it can be made toggle able soon. It is a 3D model and part of the 3D space of the game, not the 2D UI. It can be made toggle able but will require time and effort more than ZoS can spare now.
I came to this thread also looking for a way to disable the silly block icon. For a Sorcerer class, it maybe makes sense... although it doesn't look very Sorcerer'y.I don't think it can be made toggle able soon. It is a 3D model and part of the 3D space of the game, not the 2D UI. It can be made toggle able but will require time and effort more than ZoS can spare now.
Why does it disappear in First-Person view, then? That would seem to imply that it can be (quite easily) hidden since exiting and entering FPV appears to toggle it on and off.