After looking through the user manual, app features, and contacting customer service, there is not any way to control the light intensity/lumens of the light on the front of the rachio v2 head unit.
Where the head unit is located in my house, it is very distracting and I have had to cover up the light with paper in order to minimize disturbance.
It would be great if future software updates and/or a future product had this type of functionality. Thanks!
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some of these requests never cease to amaze me. Pretty sure this would take a hardware update that will never happen. But it sounds like you found a simple fix. 
. You might also consider a colored translucent tape. Or writeable scotch tape colored over with a marker or Sharpe.