I don't work for Microsoft, so I hope someone from them will comment, but here are my thoughts for what it's worth...
Tim Banting Microsoft just released new updates to the traditional Live Events functionality to transition it off the old Stream platform, so now you can use external encoders with a public audience for example (currently in Teams preview).
I personally do not think Microsoft will remove Live events when this new functionality becomes available. Live events is a policy enabled feature and separate from webinars. I suspect Microsoft may have disabled Live events in policy to give the screenshots and recordings of the new Premium features a clean and concise look, but that the options will appear in addition to the current feature set we have.
I hope (and believe) I'm proven right of course, but noone at the Stream office hours have mentioned anything about Live events going away, rather up until the most recent post-Ignite event past wednesday it was still about how Live Events will work without reliance on the old Stream infrastructure.
HannahQuaintrell I understand this to be actually deleting the chat from your Teams client, not leaving or hiding (which is available already). However you would only delete your copy, the other person(s) would still keep their part. Also I suspect that retention policies, if set, would overrule this.