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Twitch sent an email earlier this week explaining the upcoming update releasing completely on Thursday, August 11th, 2022.
Once the tags respect their community guidelines, they are letting people describe their own channels.
This is also adding a discoverability tool.
If streamers have a specific niche they cater to, or a description associated with their brand, that was not available in the default options, they can now add this from today.
Don't worry if you do not see the update yet.
It has not rolled out for me yet either, but it will be updated in increments.
Some people already have access, so be patient.
Edit: Everyone has access to it. Twitch has also upgraded the search with tags with this update.