As far as <label> element triggers any <input> element I think it should have a cursor: pointer; CSS rule applied to.
Basic example: open your account menu, hover on links there: every single link has a pointer, except 'Show Online Status', which is also an interactive element.
Links have a pointer cursor, and that cursor suggests to the user that clicking the link will (or may) load a new page.
Form controls use the default arrow cursor, which allows users to understand that clicking them (with the exception of certain buttons) will just select or change the state of the form control, rather than navigating to a new page.
Labels are just there to allow easy access to form controls, so I think that the current pointer behaviour is correct and should not be changed. It is clear that they are clickable, rather than plain text, as the cursor changes to the arrow when hovering, rather than changing to the text-selection I-bar that appears over normal text.
Ok, I understand your point. But if we follow that logic popup links should also have the default cursor, which they don't. These links don't require a click, but they have a pointer cursor, that suggests clicking.
The perfect example of this is a popup link (which is not a link actually) in search bar after the 'More' button. It doesn't have an href attribute, it doesn't have to be clicked to open, but it has a pointer cursor.