Blink owned by Amazon makes cameras that have a software feature to turnoff the blue light as the Blink mini or have a switch in the camera to turn it off such as the Blink XT2. So I believe the decision to not have this feature falls directly to the Ring lawyers. I highly recommend the Blink mini for indoors.
After buy 6 of these I find the blue led intrusive and counter-security minded. Anyone scoping the premises will certainly make note of the camera beacon "I am here" and know to avoid or disable the cameras on their return visit.
Seeing so many posts on this, it's clear that Ring will not be accommodating. Trying to rationalize why this control is not left to the consumer leads me to only one answer - Ring is acting in their best interest, not yours. With this in mind, the real question is what other Ring interests will be pursued above and beyond the consumers?
This is the unforutnately dicotomy we face with these cloud based technologies. Ultimately, we can only push for and support open solutions which are not muddied by commercial interests which really put consumer needs last. Blue led's have nothing to do with privacy. For now, electrical tape and support for community sourced solutions seems to be the best solution available.
You aren't alone! Although there are several regular forum posts already (like here in the Security Cams forum) about this additional option you want, the Feature Request Board forum is where Ring Team look to see what improvements people might want. And the more "Thumbs Up" Kudo votes they see there will better get their attention, increasing the chances of them providing that request. You should click on the below links and add your Kudo vote, if you like the requesting author's idea (add your "Thumbs Up" Kudo vote on the left side of the author's starting post), to help get the attention of the Ring Teams on the links below (these are similar requests for a "Blue Light Option", and I've probably missed a few others):
Submitted by Cinnsay
Submitted by GaryC20
I agree - give us the option to turn it off - put any warning you want before you let us toggle it but dont suggest you know whats best for me in my situation.