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Record Label Field - Still relevant?

With the advent of many artists either creating their own record label,  OR simple releasing their work on social media.

Do "record labels" have any further relevance?

I have spent the better part of a decade going through and "Standardizing" my collection. I have reduced the number of Genres down to 12.

I have also  completely removed the ratings from all my tracks. (mostly because of the subjective nature of it) and  my tastes have changed drastically over the years so the ratings have become irrelevant as well.

Does anyone utilize the "Record Labels" field and  if you do how do you generally make use of it?

Just curious as  I am heading in the direction of just purging the information in that field.

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