Currently it's a hassle to set up all the Options we want for every item and even if you do it with the "Bulk" option, mistakes or typos can easily be made and the correction of those mistakes (edit/delete) are done only individually (product by product).

So I suggest the Options to be treated just like Products or Categories, where you can set up "Group of Options".

Each "Group of Options" will have their own "Options". Once created a "Group of Options", one can add this "Group of Options" to any Product they like, just like we currently do when adding "Categories" to a Product.

This way, if we want to edit a specific "Option" inside a "Group of Options" we would just go to the "Group of Options" menu, look up for the one we want to edit and edit the specific "Option". This should replicate to all the Products that have that "Group of Options" added.