If you want to be able to get Time Machine’s icon off the menu bar to free up room for something else you can. To do this open the Time Machine Preferences and un-checking the box “Show Time Machine status in the menu bar”.
The next thing you are going to want to do is make it a bit easier to get to Time Machine when you need it. Open up a new Finder window and navigate to the Applications Folder and scroll down to where you see Time Machine. Click and hold Time Machine’s icon and drag it up to the grey area next to the search box (see photo below.) Now Time Machine is out of the way (off the Menu Bar) and easier to manage sitting on top of the finder window.