A volume label is the friendly name for a connected drive or volume.
An internal drive will usually be assigned Local Disk as its volume label by default.
A USB flash drive will usually be assigned USB Drive as its volume label by default.
A NTFS or ReFS volume label can be up to 32 characters in length, including spaces. NTFS volume labels retain and display the case that was used when the label was created. A FAT volume label can only be up to 11 characters in length.
This tutorial will show you different ways to rename a drive or volume label to what you want in Window 11.