I'm on Team None, so I agree with your restrictions with a caveat that I wouldn't even distinguish between elevations whatsoever.
I would also be perfectly okay with them going even simpler like this, yes.I preferred the simplicity of the motion tracker from Halo 1 and 2. You can only tell a player is using a vehicle by the larger blip and you have to guess if the player is either above or below you, ect.
In general the idea is that it needs to be nerfed, not buffed like they keep doing.
I dislike it but not for the reason you'd expect - I'm colorblind and not once have they offered an appropriate option for it, leading to me being incapable of seeing the dots and differentiating their shades.
Damn that's some bullshit
Now that colorblind options seem to be all the rage I hope Infinite finally has an option for you