Diagnosis
Yeah, that LED is pretty bright. There's no physical way to disable it, but you can make it less intrusive through a software setting.
How to Fix It
Use the monitor's joystick control to open the On-Screen Display (OSD). Navigate to Others (the wrench icon) > LED Brightness. You can set it to Off, Bright, or Medium. Select 'Off'. This will turn off the white power LED on the front bezel when the monitor is in normal operation.
If That Didn't Work
If the setting doesn't stick, perform a monitor reset. In the same OSD menu under Others, find 'Factory Reset' and confirm. This will revert all settings but can clear any glitches preventing the LED setting from applying.
Heads Up
Even when set to 'Off', the LED will still flash briefly when the monitor is powered on from a completely off state (not sleep). It will also turn on solid white if the monitor goes into standby and detects no signal, which is a useful indicator.