You can now archive your personal library. Just right-click it in the sidebar and select Archive. This is helpful if you are only using team libraries as it will remove it from your sidebar.
With the addition of this capability, you now have full control of exactly what shows up in your sidebar. From Sidebar Settings, you can remove Starred, Recent, Tags, and Trash. And from Libraries Settings, you can archive, leave, or delete any personal or team library. So go ahead and customize your sidebar exactly the way you'd like.