The Label column field is auto-populated using the Address 1 field information when the Label field is not populated first before the Address record is created. The Label field is a hard-coded mandatory field when creating new entity address. For existing addresses with no Label, Address 1 will remain as the same to that of the Label field.
In order to correct this, you can simply edit the entity record and click the Label column on the Address record sublist to change its value.
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