Why would you want to disable storing the IP address completely? We need to store it for a short time for authentication purposes and to track abuse.
We do have a feature that removes IP addresses from the database after a set period of days/weeks (ACP > Members > Profiles > Profile Settings)
You could set this to a low number, say 7 days.
The internet is based upon recognising IP addresses, for complex applications to work and be trusted, we do need to store them for at least a short amount of time.
I am not a lawyer, but we work with many GDPR/privacy focused EU brands that accept IP addresses to be stored for the purpose of the application.