Yeah, but @taylor_patel has a point about labels becoming clutter. I tried a label maker and it was overkill for my shed. Now I just use a fat sharpie right on the plastic bins. It fades after a while, but by then I know where everything is anyway. The real win is just having a dedicated spot for each type of tool.
Labels can become their own clutter though. I put sticky notes on everything once and spent more time reading them than finding stuff. Sometimes the pile just needs a better pile.