On PC you can tap or hold the tilde key to hide your HUD or your hotbar, on console in order to hide the HUD you must pause, open the options and select it from a menu.

I'd suggest an option in the hot bar for console. Hold RB, and it'll say at the bottom, RS for HUD, LS for hotbar. Just another excellent quality of life update for consoles.

I'd like to be able to use the no HUD option for immersion, and then quickly turn it on to check my rifle zeroing, or how many rounds is in my mag, or how many bleeds I have, just like pc players have been able to this whole time.