I saw labels/tags appear some time ago. I still haven't got my head around how I want to use them. I like the ability to create 'standout' colours. ... access them via zapier and PD automations. .. but we would want them for multiple object types and at present they only exist in a single context which must be shared across multiple object types. contacts/deals etc. .. so created a few tags (labels) in the early days) ... but just couldn't see a good use for them given this constraint.
To be honest, I would rather have the ability to assign colours to multi-value custom field entries.