Hi Strgzr,
That icon is related to Live Text, or text recognition in photos or when using the camera of your device. The support article Copy and translate text from photos on your iPhone or iPad reviews this function in greater detail.
The page Use Live Text with your iPhone camera offers these instructions for disabling that feature in Camera Settings:
"To turn off Live Text on your iPhone camera, go to Settings > Camera, then turn off Show Detected Text."
and Use Live Text to interact with content in a photo or video on iPhone describes the steps to enable the feature which can be used to disable as well:
"Turn on Live Text
Before you start using Live Text, make sure it’s turned on for all supported languages.
- Go to Settings > General > Language & Region.
- Turn on Live Text (green is on)."
Regards.