what was the deal with all the labels he kept ???

That bugged me as well. I couldn't figure it out for the life of me.

Off Topic but felt the need to mention it.
I did notice one very obvious mistake though where Tom Hanks flashes his badge to the cleaner he flashes it the wrong way. LOL

i thought he was using company logos to make payroll checks.

It's a metaphor for Frank's identity. The movie is about a character who realizes that if you dress the part (make yourself LOOK like something) people will treat you that way. Appearances are everything.

I wine bottle is just a glass bottle. Is it what's inside that makes it valuable? Or is it just the label that people value?

Do the Yankees always win at home because they have Mickey Mantle (as Hanrady says) or because of the pin stripes (as Frank's dad says)?

Is it what's inside a man that makes him successful or just the costume (label) that he wears?

If that's too deep for you he also cuts them up and puts them in fake wallets so he can scam FBI agents

Whew, that's deep man. I didn't look at it that way at all.

Must be a psych major. j/k