For a long time now, Google has been trying to make the web faster and more consistent for mobile devices. Earlier this year, it introduced Core Web Vitals as a new benchmark for making fast websites. Core Web Vitals has been playing a role in search rankings since May, and soon Chrome will use those statistics to directly label high-quality web pages, starting with how fast they are.
Essentially Google will measure how well a page performs for you and other users, and use that data to assign a rank for that page's speed. Ones that perform well will pick up this new label. If a page is very new, and not enough people have visited it to measure its performance, Google will examine data from similar pages and decide whether or not to award the label based on its estimation. Google goes pretty in-depth in its blog post, so if you want to know more you can read it at the source link below.
You can already try fast-page labeling for yourself if you're running Chrome 85 Beta on your Android device. Just head over to chrome://flags/#context-menu-performance-info-and-remote-hints-fetching and enable the flag, before restarting the app. The "fast page" label will now display for qualifying sites when you long-press on a link. Google acknowledges that web developers will need to make changes to meet the Web Vitals standard, so it has updated its developer tools to help make this possible. For us, the end users, this means we can expect the web to get faster and more consistent, which is always a good thing.