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Whatever it is, it looks ugly!
It would be weird for it to be another location icon, since there is already one there, right between the WiFi and battery info.
Blue background means either screen mirroring, your phone is providing a personal hotspot to another device, or an app is providing location actively (such as Google Maps or Waze running in the background, actively doing route guidance.) See https://support.apple.com/en-us/HT207354
So, was your phone doing one of those things?
Nope, it really means a navigation app is currently active on the background. The arrow near the battery indicator is only there to show you an app is / has been using your location for other purposes.
