There's no explicit way to do this as suggested, but there are (not quite ideal) ways to get there.
Go to a dashboard you own (I usually create a new one for "housekeeping"), and add a "issue statistics" gadget with the following settings (you can accept the defaults for the ones I don't name)
This should then list every label in that project, with a count of the number of issues using it. Clicking the name of a label will take you to a filter for that label, so you can remove incorrect ones and add better ones.
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