This is in version 1.2.6 and later (November 21st, 2022).
Roadmap - new grapple/crosshair/item collection system
As mentioned previously, this is near the top of my list of things to revise, so I've given much thought to the existing crosshair, grappling and item collection systems.
Rather than the generic crosshair that's currently always in the way, and rather than it being necessary to move it around and hover over things to collect or grapple them, I'll be doing something like this:
The central part will be fixed in place above the navigation area (at the bottom). The lines in the middle will move/animate based on how fast you're traveling, and rotate relative to the horizon. The outer lines will shift horizontally while you're turning, with the icons which are currently on the compass also appearing there relative to direction. This will make knowing where the next checkpoint is and finding items much more intuitive.
Also, instead of clicking on items (though still possible - more details below), if you hit the fire/grapple/collect button while an indicator/icon for that is highlighted (the nearest icon to the 'center'), it will be the same as if you had manually hovered that and clicked. Much simpler and more gamepad/console friendly. If the aiming reticle/etc. is near center or not used for a moment, it will be faded out so it's not in the way.
That said, targeting a specific item or grapple point will still be possible using (by default) the mouse pointer or right analog stick of a gamepad. While doing this, the HUD will temporarily display additional elements for aiming along with showing any icon at the mouse/aim position for what's currently hovered (like it does now).
I'm not sure how soon this will be ready and included with an update, but if nothing delays it (i.e. discovering significant bugs that need urgent attention, or real life getting in the way), probably later this month.