Hello @Derrick L
As per the documentation:
"4. Enter a label and description for your new context. These are used for your reference in the administration section only and will not be shown to your end-users."
It's a name for your humans to get a handle on it.
Some of us ask for consistent naming conventions, like including the project or project groups it is intended for, or something else that briefly explains it. I personally usually go for a human short description and include the Jira issue key for the admin request that lead to me creating the new configuration scheme.
But that's entirely up to you - all I'd say is "think of the admin who is going to get asked to amend it after you've left"