What the heck - no stuffed birds around here. Taxonomies are (optional) special meta-data schemas (NOT at all like taxidermy) that are selected by companies (account owners) in order to categorize their assets in a standard way. These are often government mandated or internationally standardized schemas that help users find data in a standard way across departments or companies. Taxonomies use hierachy (like nested folders) so as you dig deeper you'll see new categories.
Just another way to find and organize assets.
Click the taxonomy that you wish to browse to dig deeper. You can also see taxonomy links on asset detail pages if a taxonomy is used.