When converting my island from v1 to v2 devices, the Player Marker devices always show this blue FX around the player even when having the beacon FX set to off. Below are screenshots of the beacon FX clearly being off.
And in matchmaking games, the FX shows up randomly or it moves around all over the place. I believe this error causes game modes to have an slight increase in ping. This only happens with upgraded v2 version of the Player Marker in Creative mode.
Hopefully the team finds a fix for this as soon as possible as this bug can be very game-breaking. This is game breaking for social maps that use the Player Marker devices for players to have tags above their name.