Features

When installed on the server-side:

Completely deactivates all waypoint/Locator Bar functionality
- No waypoint or players will be tracked
- Gamerule locator_bar will have no effect

Additionally when installed on the client-side:

Provides a keybind to "Always hide the locator bar"
- Default key: F10
- "Always hidden" is the default

Why?

The whole Locator Bar feature is IMHO not mature and was rushed:

Even when Gamerule locator_bar is set to false the server will still track and calculate the movement of players and entities.This is not necessary and causes a performance impact.
- The whole calculation could be done on the client-side without causing additional server load
No one explicitly asked for this feature (AFAIK), yet it was implemented, enabled by default and declared as ready for production within 14 days
There are already name tags that solve the "Where are you???" problem... for over a decade
The bar might be useless in certain situations, yet there is no way to disable it on the client
The default player tracking range is basically unlimited (60 Mio blocks). Nobody likely cares what a player 10k blocks away is doing yet it's still displayed on their bar.
Imagine you are on a server with 5 people. Now you and a friend go exploring, however both of you somehow end up more than 280 blocks away from each other. As all Locator Bar indicators have the same size when more than 280 blocks away it now might become impossible to distinguish your friend from the other players.

Compatibility