Ooh… FFS!! 
Thank you Viter!
Dear Epic UX/UI person: could please put the trashcan where it’s always visible? One should not have to google the forums to find a delete button. Thx for all the other great stuff in this free-to-use product.
crazy, thank you so much!
Genius. Thank you Viter.
There is a new way to do it in UE 5.5.
You have to enable modeling plugin for this to work.
First of all u click on the mesh you need to delete extra slots from go to modeling mode
Then you go to edit materials and under materials section there is a trash bin button that will delete all the material slots there are. If you wish to delete individual material slot click the arrow to the right of the material and a menu with delete prompt will be availiable.
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Thank you for bringing up this tool.
I was able to remove the extra materials by using the Modelling Mode.
Select Mesh - Select Triangles
After clicking the to be removed mesh parts hold STRG or just click the parts, then select under the Mesh Edits tab - Delete. (Ive first merged the mesh with the Merge Mesh tool to a single material 4K cause lots of mats, which got rid of the extra materials.)
