I play alone, with no companion and the ping bound button is interfering with normal use. I know people like/want this feature, but for me its immersion breaking 
Why/how is it interfering with its normal use?
Isn’t it L1 (single press)?
The normal use of L1 is just the emote wheel which is used with L1 (hold button), isn’t it?
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Ping is used to mark where you want your companion to go, such as when he gets the zoomies or is chasing after a machine you don’t care about at the moment and need him paying attention to your immediate surroundings. It is perfectly fine where it is, even in single-player games.