People in the Discord seem to be calling for a way to revert to the old UI. I understand why that isn't a super great option for the codebase or customization, so I suggest adding a few more customization features, that can also benefit other cases.

I'm not sure how VRChat handles very high/low DPI displays, but if it's not ideal, this will fix both with a manual UI Scale override, like many other games have

Don't see yourself ever using the menu button? Are you a power user and find it patronizing to have all this stuff spelling out the keybinds to you? Do you have an OLED monitor, and worry about burnin? You should be able to toggle off the elements you don't need.

Don't like having to look all the way to the top of your screen to see if you're muted? Move the HUD to the bottom left, the middle, wherever your heart desires.

This doesn't need a new setting, you can use the last 3 to hide the new elements, and put the mic icon back where it was.