The floating label background becomes a problem when you are using a different background in your container. I should be able to set the floating label background="@null" assuming that the outline box won't be visible under the label.
Impl Screen

Design Screen

Or Am I missing something?
+1
Trying to do the same. This comment on a different issue might be an okay workaround, but doesn't achieve exactly the look we're going for.
The submitted PR doesn't expose the collapsed hint background.
However it allows to achieve an empty background as shown in desired solution.

Most helpful comment
The submitted PR doesn't expose the collapsed hint background.
However it allows to achieve an empty background as shown in desired solution.