On PC, yes it's possible to turn off the HUD.
You can open the settings file manually, and bind a key to the command
togglehud, like so:
- In your
Documents folder, open
WillowInput.ini, and open it with notepad.
- There should be a section of settings that start with
Bindings=. At the top of that list, add
Bindings=(Name="F1",Command="togglehud"). Change F1 to whichever key you prefer.
Now, when you launch the game, you'll be able to press F1 to toggle the HUD on/off.
Toggling off the HUD will also disable the display of in-game menus (Inventory, Bounty Boards, New U Stations etc). Note that the menu will still be open. You'll need to hit Esc to back out of the menu and re-enable the HUD.