I updated to iOS 11 last week, and I don't have the Locations Services arrow in my status bar. Of course, I have Location Services disabled. After any OS update I go through my Settings thoroughly because I've found Apple "helpfully" turns some things back on, and Location is the main one. After so many years with iPhones I still haven't found a single reason to ever have Location activated.
You may also have a botched install. On my iPhone 5, a botched install of iOS 8 (I think) resulted in Location Services being turned on permanently, with the on/off slider greyed out. I had to do a complete wipe and reinstall in order to get it to stop. Have you tried turning off Location Services completely to see if you can get the tracking to stop?
The only way to get the location status icon removed is to disable it in. Settings. Im convinced apple has been on a downward spiral since the death of Jobs. My next phone wont be apple im afraid as it seems they are doing more for “the developers “ than the consumer (see reasons for being unable to disable wifi/Bluetooth)