The labels are a good start, however having just one label for “guitar” really isn’t sufficient if you’re someone that might use an acoustic as well as an electric guitar. The presets used for acoustic are probably extremely different and would be good to be able to sort with this in mind.
That said, the ability to create custom labels (rather than just a generic “other”) would also be welcome. I would imagine if you happened to use something unusual a lot (like maybe a resonator or pedal steel) and wanted a specific category that didn’t lump them all into a single “other” category would be helpful for people. For those that really want, they could use custom labels for even specific guitars of their collection or something. Like, different presets for your SSS Strat versus your HH Les Paul or your Jag or whatever else. I imagine this would get messy in the cloud for organizing, so maybe if these get shared to the cloud they get defaulted to a “custom” label for the rest of the world.