This eco mode light is not new, if anyone recalls the ancient charade g11 bianca, they had this too as a green light in between speedo and rpm
It was triggered by a small vacuum pod that referenced the airbox and manifold, it would trigger if the speedo needle was above zero and there was 17 inches or higher in of mercury in the manifold.
On older benz and bmw this was a needle provided as a vacuum gauge called economy gauge, on older cressida the whole rpm meter was replaced with a vacuum gauge
All doing same purpose
For corolla, its placebo only