Originally Posted by
Fokken
He didn't say the new costume is iconic.
He said the new costume "still has the iconic red and black colour scheme" from both of his original costumes as Asgardian and as Wiccan.
And regarding the identity concealment issue, the most recent run of Young Avengers is all about identity and acceptance and blossoming into who you're meant to be -- so his lack of face obscuring elements --just like all of his teammates (Kate, Teddy, Noh Varr, America, and David)-- is rather appropriate for those themes. Not to mention the complete lack of necessity, given the circumstances being that they'd been traversing the multiverse where nobody actually knew who they were, while back on Earth every adult they came in contact with was immediately possessed by the evil Mother parasite -- whose memories were promptly erased after her defeat.
Though one could easily assume that if he did wish to go the traditional identity masking route -- his hood would serve such a purpose, if not simply using his powers in some capacity.