Extend context/label description, bump dependencies

[peterdeme]

Description of the change

This is primarily @maxehio's contribution. 🙏 I added a few version bumps too.

Type of change

• Bug fix (non-breaking change that fixes an issue)
• New feature (non-breaking change that adds functionality)
• Breaking change (fix or feature that would cause existing functionality to not work as expected)
• Documentation (non-breaking change that adds documentation)

Checklists

Development

• Lint rules pass locally
• The code changed/added as part of this pull request has been covered with tests
• All tests related to the changed code pass in development
• Examples for new resources and data sources have been added
• Default values have been documented in the description (e.g., "Dummy: (Boolean) Blah blah. Defaults to false.)
• If the action fails that checks the documentation: Run go generate to make sure the docs are up to date

Code review

• This pull request has a descriptive title and information useful to a reviewer. There may be a screenshot or screencast attached
• Pull Request is no longer marked as "draft"
• Reviewers have been assigned
• Changes have been reviewed by at least one other engineer