The purpose is rather limited on v1/v2/oled though, since you can see the chip led by simply looking at the switch from the bottom. It's not like you really need it in your face on every boot. It makes way more sense on the lite since the led normally isn't visible when the rp2040 is mounted on top of the emmc.
Imo, the LED is only for troubleshooting, I don't care to see it unless something is wrong. In which case, I'd have to open it up anyway, so...