Labels should be configured in the project level not on the server level

Currently (as for v4.3.x) "Labels" field is shared among all project on the same server/DB. There is no easy way to separate it on a project basis. Custom field of type "Labels" is lacking some features that the system "Labels" field has, such as accessibility via the "cog" icon and the "More Actions" menu.

I suggest that Jira will treat "Labels" in the same manner they do it with Components and Versions, without the need to create custom field for each project (consider server with 30 or 50 projects...)