I feel like "cosplay" should be a metadata tag though. All "metadata" really means is a tag that you can't SEE in the image and/or something that relies on outside knowledge. Normal tags like "female" or "stockings" you can see in the image. As far as a cosplay, yes you can view the cosplay and surmise that a person is dressing up as a certain character, but that does require the outside knowledge to recognize the outfit/wig/makeup etc as that character, an outside knowledge that not everyone is going to have (as opposed to the extremely basic outside knowledge needed to recognize most tags).
I guess a really simple way to put it is this: To recognize something as a cosplay vs just a fancy outfit (or maybe even a simple outfit...as there are many low-cost cosplays out there) requires outside knowledge.
All and all I feel like what exactly counts as "metadata" is super hard to pin down, because you can often make arguments one way or the other for almost every metadata tag save a few, but imo "cosplay" does deserve to be a metadata tag.
On another note...it's definitely not a copyright tag lol...what's the copyright? Everything that exists? Cause you can cosplay as basically anything in the entire world. You can cosplay as a tree or a rock if you want.