In ESO If they do Implement chat bubbles they will definitely be toggle able. However I don't want to go to my options whenever I'm in a conversation. so I think it would be neat If I could press a key on my keyboard to turn chat bubbles on/off. This way fans could turn chat bubbles on in conversations important to them and off when they don't need them easily.

shouldn't be too hard to implement. Most games have a slew of hotkeyable actions, with many blank (not natively hotkeyed) just in case you want to use them.