You can love them or hate them, but hash tags can be very handy for some use cases. The main reason, why we now support hash tags is, that they can be used everywhere. So for example, Discussions don't support labels, but they support hash tags.
And with this mechnism you can easily filter for content over the whole website, across all tools and projects.
As we are using markdown everywhere, and # has a special meaning in markdown, there is one exception, where a hash tag is not interpreted:
"at the beginning of a line"
While this works:
Ihaveashort#Softmotionquestion...
... this will not:
#Softmotionisgreat.
The reason is, that a hash at the beginning of a line is interpreted as a heading in markdown. As a workaround, you can simply add a space before the hash.