Bad actors will just disable the light in a myriad of ways. People will still mistrust cameras because the light can be disabled. Drawing over the light with permanent marker (or doing something temporary like putting tape over it) doesn't even create a small barrier of entry for people secretly recording. If they want to secretly record, it's not significantly harder now than it was yesterday.
The only thing this is supposed to accomplish is appeasing people that don't understand technology yet make a ruckus over Google disrespecting privacy. Now Google can say "no look, we do!" and those people will complain about something else.