Profiles label changed after module upgrade

I'm using beta-1 version even that has also same issue. Profile label is showing like:

profile profile #1
profile profile #2
profile profile #3

My profile type is "Profile". Is there anyway we can fix this to make proper label?

This was changed in this issue. There is code for label

public function label() {
    $profile_type = ProfileType::load($this->bundle());
    $label = $this->t('@type profile #@id', [
      '@type' => $profile_type->label(),
      '@id' => $this->id(),
    ]);
    // Allow the label to be overridden.
    $event = new ProfileLabelEvent($this, $label);
    $event_dispatcher = \Drupal::service('event_dispatcher');
    $event_dispatcher->dispatch(ProfileEvents::PROFILE_LABEL, $event);
    $label = $event->getLabel();

    return $label;
  }

If this works as expected you should be able to override your label. I am not sure how exactly you can change label but there is a new event so I am sure this is working just fine.

fixing this for site requires writing code, need to add event subscriber to this new PROFILE_LABEL event.

I think the module would better serve more users by providing a configuration option to the ProfileTypeForm that would allow site builders to use tokens or something.

I was thinking to set token module as dependency and then on this path /admin/config/profile/profile-settings would be for now one text field with token extension... And for a default value, I would set as it's now '@type profile #@id'. Also, I don't really know where to put menu link, for now, I just put it under config-> profile types -> Profile Form...
We need to discuss that before implementing this into a module.
I think it would be really user-friendly if there is an available form where you can set different options, and you don't need to change everything programmatically, at this point I don't even know if its possible to change profile labels?
Waiting for feedback

Here is the patch and work done so far.
Need to figure out how to get replaced tokens so they can be used as a label. It can be a little bit tricky because I don't know what parameters need to be passed to replace function.

Thanks for starting this. The generic label causes pain when you go to use an entity reference field and see a long list of "Member profile #1, etc., ". Using token fields from the profile type or the user would be ideal. +1 for feature request. https://www.drupal.org/project/profile/issues/2900573

Let's continue in #2900573: Make profile label able to be saved and so work with Auto Entity Label or other alterations that work on save then.