The Content Hub supports two types of metadata that looks very similiar. You can choose between an option list or a taxonomy. Sitecore provided us with an easy way to choose between the two. See the image below when to choose for an option list or a taxonomy.
Most of the time it's better to choose for the taxonomy, because this give you also the most flexability in the future when requirements start to change.
Check out also the video for more information about how to choose.
Documentation links