Hi Bill DouglasV,
I went through your post carefully and I understand your demand to add the version label into a Word document but currently the label option is not showing when you select Quick Parts>Document Property.
If my understanding is correct, I deployed the test environment for you and it seems like I failed to reproduce the same behavior. Below I attached a screenshot from my test for you and kindly confirm if I made any misunderstanding to your scenario. (Click pictures to zoom in)
In this situation, could you please share me some more detailed screenshots about the management policy settings for that SharePoint site and enabled labels details so that I can help to make deeper investigation for your setting environment? Below I attached some sample screenshots as reference.
Please correct me if I made any misunderstanding above and I will be here waiting for your updates.
Appreciate your time and patience. Hope you a nice day and stay safe!
Best Regards,
Mia