Starting in Edge 111, the stable version of the browser sports a new Bing button in the sidebar. In pre-release versions of Edge it appears in the toolbar instead of the sidebar, and replaces the menu button by shifting to the left, so even if you hide the sidebar, it remains visible! As of now, Edge stable doesn't offer any option to get rid of the bing icon, but this will change in May.
Microsoft is now testing a new toggle option in the Canary version of the app. It allows you to hide the Discover button with ease.
If you have Edge Canary installed right now, you can disable the new button without disabling the sidebar. Update it to version 113.0.1742.0, and paste
edge://settings/sidebar into the URL box.
Look for the "App specific settings" section on the right, and click on the "Discover" button with the blue Bing logo.
On the next page, you will be able to turn off the new "Show Discover" option. It will instantly hide the Bing icon from the menu bar.
Once the change will reach the Stable branch of Edge, Microsoft will also provide a corresponding Group Policy option to allow system administrators to disable the Discover feature in the corporate environment. Edge 113 is slated for release in May 2023.
Thanks to @Leopeva64 for the tip!
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