The User and Team properties are useful for the scopes feature: they allow you to group users (not teams) and control the data they can see.
To create a property for a Team or User, you need to go into the settings for the specific Team or User in your application, as shown below:
Note that it is important to create User & Team Properties with the same key value so that you can refer to this property via formulas for all properties at once.
Now let's look at an example of hiding a component depending on User & Team Properties and implement the condition of hiding a component if User Property has a readonly value.
See here how to use this functionality in the Customer Portal to separate data for users.