If you have to create a label for every platform you support and every existing priority and module, the labels list will become really cluttered, making it hard to find things.
type-label
Types:
b - bug
f - feature
p - priority
t - team
Once there is a method to the madness, it's not bad, and it's more flexible on Gitlab's part I'm sure, to have people tag instead of supporting custom drop-down attributes.