Colour profiles are mathematical formulae used by each device to optimise the colours it is using. Each camera has a colour profile, as do Photoshop, Lightroom, your monitor, your printer and your paper. It is important to optimise each profile, as one weak link can cause colour problems with your photographs.
Adobe Colour Profiles
Adobe updated their colour profiles in April 2018 and made them more available and usable through Camera RAW in Lightroom and Photoshop. The previous profile was called Adobe Standard, and the new default profile is Adobe Colour, which is a bit more vibrant. They have also given you other profiles to chose from which suit certain styles, such as Portraits and Landscapes.