Staff mentioned a while back that they're open to an idea along these lines but aren't sure exactly if (or how) they'll implement it. (EDIT: I thought I found a post on this but it was literal groups like Groups and Scenes...I'm thinking I still saw something like this but maybe I remembered wrong.)
In the meantime, I do what others suggested above: pretty much all of my devices start with the room name (e.g., "Kitchen Motion" or "Bedroom Color Bulb 1"). You can search/filter on device names (or labels and DNIs and probably other fields) on the device page, which is an often overlooked feature that may help if you're trying to find a specific device (EDIT: which I see was just mentioned above while I was typing).
I'll also say that if they ever implement anything, I'm not sure it will meet your needs. I can't speak for staff but can say that they've always hinted that the hub's admin UI is not intended for day-to-day use of devices, which is where I'm coming from with that. If you're looking to monitor or control a device, Hubitat Dashboard (or SharpTools or whatever other solution you may want to use)--or an app/automation based on something in the real world--is a better choice. On a Dashboard, you can group and sort devices however you want. The admin UI would then only be needed for...well, administration, which isn't something most people do on all their devices all the time. I'd also guess that this is why such a feature is apparently low priority.
