People who are truly worried about cameras will cover it regardless of indicator.
Treat every gun as if it's loaded, and every camera as if it's filming.
This is a "nothing-up-my-sleeves" implementation, it's not really possible to hide anything weird in the complexity. Apple clearly didn't just want a light that's always on when the camera is on, they wanted an implementation where they can point to it and clearly prove that the light is always on if the camera is on.