That label helps the AI making up formations, which admittedly it is not very good at.
EDIT: The bow etc. depicted on the unit is because the unit in real life would have used aforementioned bow and arrows; but also its lance and second side-arm. The problem is, however, that RTW only allows for 2 weapons per unit, and the descision was made to keep the lance & second side arm - and reduce the bow and arrows to mere decoration.
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