Currently if you have multiple YubiKeys added, they only get named as YubiKey 1, YubiKey 2, etc.
If the user could define the names for each YubiKey, they could instantly identify which one to retire from being allowed to be used with their account if they lose/upgrade a YubiKey. Currently they need to compare the YubiKey output to YubiKey listing in two-factor account security settings.
I believe If you have a FIDO2 compatible Yubikey this does allow the keys to be named accordingly.
I would like to see if it could be made available for OTP codes though too.