I just purchased mi second Mi Box 4K (much better value than a Chromecast Ultra in my opinion).
After the initial setup, do the regular sysgen update. After the system update, go to Settings and do a Factory Restart. This will remove all the bloatware from the Recommended section(well, only Netflix and the Red Bull app will be in the Recommended section).
Is that really bloatware? None of those "recommendation" apps are actually pre-installed as far as I know.
Plus if you don't want to see the recommendation row on your home screen you can go into Settings -> Apps -> System Apps -> XiaomiLeanbackCustomizer and click 'Disable'.
After you restart your device, the entire 'Recommendations' row will no longer appear on your home screen. No need to factory reset the box.