I really think there should be an option under settings that allows you to toggle teammates health bars as well as change to opacity of it.
It would help Warlocks use their abilities more efficiently since it is hard to look for exclamation points above teammates heads, not to mention the exclamation pops up after taking a single hit.
I had posted this on reddit originally as a help to support Warlocks but many have told me it could benefit other classes as well, allowing Titans to see who needs cover and support and even allowing Hunters to sneak around whether its towards or away from battles going on.
I know it will get people saying no, but really who wouldnt want healers and support to be more efficient at their job and it would be completely optional.
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Super agree with the OP, this will be great addition to the game and also improve user experience.