This article would be helpful if we were asking about a "literal" contact list, thank you.
Unfortunately, this is not the same as the "Contacts" Feature that Old Teams had. That old feature allowed for each user to create a "custom" group of individuals, with a specific naming convention, quick at hand. You were also able to see the status of that "custom" group of individuals at a glance.
Creating "teams" inside of Teams is also not the same. It is not a custom list per user, it's global to Teams. It also does not show the status of the person quick at hand.
I'm hopeful Microsoft employees monitoring this *thread have used old Teams, and know how these are different. If you are a new Product Person at Microsoft reading this, PLEASE research the old functionality before making a decision on this. The naming convention is unfortunately causing confusion in the discussion IMO. Thank you!