So there's two types of failures that set the TPMS warning light.
The first is tire pressure below the minimum threshold, this results in a solid TPMS Warning light when the ignition is turned on. Simple fix is set your tire pressure above the threshold.
The second is a blinking TPMS light (it will usually go solid after a minute or two of blinking, I imagine not to distract the driver?) which is caused by a communication error in the system; typically it is because a sensor has stopped responding to pings and/or stopped transmitting data.
Some of the newer Toyotas do show individual tire pressure, the main reason it wasn't done is because older TPMS in Toyotas works by Sensor IDs, not Tire Location. i.e. TPMS Sensor #1 is Sensor #1; it can be the RF, LF, RR, LR, or Spare tire; but to the TPMS it is simply Sensor ID 1. This makes rotations easier as you don't have to reprogram the system to what tire is where (for example like GM, which you should do the "GM Tire Dance" to relearn all the tires in their correct location after a rotation.)
Newer Toyota TPMS systems in the last couple years both have TPMS IDs and use the wheel speed sensors to determine tire location.