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I am utterly delighted by this subversive use of the Bluesky label feature, where you can subscribe to a custom app that then adds visible labels to profiles This one shows you which posh expensive private school British public figures attended, plus their current fees bsky.app/profile/dadd...

It's always up to the user to decide what labels they're going to subscribe to. I don't think there would be any turned on by default. Obviously you have the problem that the designer will subsequently decide to change it in unwanted ways, or will be convinced to hand it off to someone malicious.

Yeah I'm not too worried about that since seeing these labels is an opt-in thing - it's not much different from someone having a website somewhere else that says nasty things and links to Bluesky profiles

I'm not sure "it's opt-in" is super relevant. Hate groups can create labels, and allow their followers to follow those labels as a way to know who they want to target.