You can use the Optimize / Assessment tab in your Salesforce Org Model to identify and mark metadata that needs to be deleted, optimized, documented, investigated & customise Optimization statuses. It is a quick and easy tool to aid you in your Optimization efforts.

The Optimize / Assessment tab is present in the right panel for all synced Salesforce metadata in your Org model. It is available under the broom icon.

Users with edit rights on the org model can change the status, change the node assignee, and leave a comment on why they chose a particular action.

TIP Assignees will not receive a notification upon being selected for particular metadata.
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You can choose any Optimize / Assessment status at any point. There is no fixed workflow restricting you. However, in order to make sense of the provided statuses, we recommend you follow the approach outlined below:

The Optimize / Assessment tab is meant to help you manage your org clean-up quickly and effortlessly. However, to plan and document specific actions, we recommend you raise business requirements and user stories to document how the metadata should be optimized.

The status and assignee fields are available in custom views of metadata. For any selected metadata type, you can choose to include those fields in the custom view. That allows you to both report at-scale on documented actions and perform bulk actions.
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Read more on using custom views of metadata here.

You can also generate a report on all metadata with their optimize/assessment status. However, this will only produce a read-only report without ability for mass-actions.

All optimize actions (status changes, assignee changes, comments) are stored in the history stream, so you can quickly understand the previous actions on the metadata.
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This option is available in the Space settings -> Customization -> Optimization.

From here you can:

One caveat to this feature is, that there are 3 Optimization statuses which cannot be changed: Optimize potential, To be deleted and Deleted.