Rappers always had labels but let's be real, all "labels" aren't the same. But labels blowing up to the extent they did is an anomaly. That doesn't happen bro. That's why there's not many in that category
And you can't lump rappers in with Diddy and Master P. They had real signed artists, with real budgets, real offices, real promotional teams, etc. They ran legit companies. Not MC Bubblefukk who made an LLC and has a couple of his homies rap under "Thugs R Us entertainment"
I don't really count Diddy. Master P is a whole other monster because he started as a hand- to-hand rapper. He applied that Bay Area hustle to the industry and changed how artists operated. For all intents and purposes, he started out as an artist. Diddy was a CEO first and then became an artist.