The HUD has room for improvement, and this has caused division among players, with some of them arguing from the old HUD back, or to have an option for the HUD. But the better option, IMO, is to just fix these flaws and update this new HUD.

First, the small things.
The activities tab is okay, since you can close it, although there is little use for the Ready Room shortcut. The mini map is fine. The bottom tabs are okay, for the same reason as the activities tab; but they're a bit too tall, and could be shrunken down into circles, like the old HUD. Also, I'd recommend moving the vitapod slot and weapon select icons to the top of the HUD next to the heat and emergency revive.

Now with the annoying thing, which is the giant character portrait.
The portrait is giant to be symmetrical to the minimap, but it doesn't need to be. Other games, like Zelda and Metroid, had a minimap without something else of equal size on the other side. So we can shrink it down from 3X3 battle sprite portrait to 2X2 frames or even 1X1, like the portraits in clockworks expeditions in the old hud. Even if the Rank X-X can't fit, that's okay: we don't need to always see it. The battle sprite portrait can also be moved or put aside.

Now with the other things, those things being the health and shield bars(the heat and emergency revive symbols are fine).
They should first be shrunken down, because they both obscure part of the image. the health bar could be stacked to another layer like it was in the old hud to help with shrinking down. And finally, the health bar is hard to read, because you start out with 5 and end with over 30, so it could gather each cluster 2 pips in tier 2/3 pips in tier 3 into separate heart-shaped pips that split by 2/3 to help with reading how much health a knight has, and to keep with the theme of the multi-pip hearts in the higher tiers.

These are the improvements I would make to the HUD.
Good day,
-Pery