Making the right-click menu (it's NOT a contextual menu) more contextual would also help here: Currently, right-clicking on an item in the Project Panel brings up a huge menu, regardless of whether you click on the item's name or the item's label swatch. I suggest that right-clicking on the label swatch should bring up just the label options, exactly like in After Effects. I'm on PPro 22.6.0x32.

2021 still not improve. Thanks Adobe.

We made extension, where you can easy to change and rename label colors in Premiere Pro! https://exchange.adobe.com/creativecloud.details.104622.color-it-change-label-colors.html?fbclid=IwAR3BtxP1-lM5R1H9y4kRtdV1fHMCfV9pTUK_jFHBAZWPGRqZfJ_Hvi0kfcg

I do not know why this doesn't have more votes. I like to label my clips to differentiate by speaker, but what we need are just the color swatches, not even the names, and, even better, custom text for each color so I know what the colors refer to as reference when coming back to a project.

Yes, this is very urgent. With all due respect, but nobody is able to imagine colors with fancy names like Caribbean or Cerulean. Sample colors in the menu would save users around the globe millions of hours.

yes. It's common sense

Color picker is already used extensively in FX so can't see this would be a very difficult feature to include and would improve workflow.

Even better would be a dockable panel just like this:
https://aescripts.com/labels/

That would let you pick a color and do all kinds of the things you do with labels, like select all from a certain group, at one quick click. It would fit perfectly either to the right of the timeline next to the AU meters or to the left next to the selection tools

Yes that is definitely something that would help.
By the way, Eric, you can change the „esoteric names“ in the settings ;)

I agree. A swatch book is far more intuitive than a list of words for picking colors. Especially when half the colors have very esoteric names.