https://www.apple.com/feedback/macos.html
Perfect place to voice your position on the deprecation of label support.
Tags are great. It's just those small dots are not nearly as readable as a long colored highlight.
Perhaps when a file/folder has only one tag the Finder could present it as a solid color like it did with labels before (multiple tags could be a solid grey and still display the colored dots).
Let your voice be heard:
https://www.apple.com/feedback/macos.html