I just heard this referenced in a country song even, and it prompted me to ask.
I have lived in a few states, and as a tradesman, have always found a neighborhood bar to hang out at after work. I like being a regular, and after 30 years in bars, I see at least half the women I know or just meet do this.
What gives ladies? 
If they pull the label off intact, then they can give it someone as a free sex coupon.
Do you think he bought it?
Can’t speak for the rest of my sex, but I always did it because I just didn’t like being at a bar or club and needed desperately to appear very, very busy. Also, I needed something to do with my hands, since I don’t smoke anymore.
FTR, I was at said bar/club for Mr. Creature’s band which has since broken up. I don’t feel the need to peel off my beer labels at home.
Oh, and of course to give them away as free sex coupons. I only gave them to my husband, though. 
My husband pulls lables off his bottles, too. I don’t drink beer, but I’ve been known to pull lables off of other beverage bottles. (Remember when soda used to come in bottles with sort of a foam slip cover around it? I used to try to peel those off in one continuous piece.)
I don’t think it signifies anything than being a fidgety person-- needing something to occupy one’s hands.
I do it, at home and at bars. Just something to do with my hands.
I always kinda figured, at least with a lady I just met, that my lame pickup lines weren’t working, and it was a subtle signal to say “Ok, dude, thanks for the beer but go away” 
I’ve seen plenty of guys do this, too. More guys than women, actually, although that’s probably mostly a function of the fact that I know more guys than women. If I drank beer, I’d probably do the same thing. I get fidgety in social situations, and tend to fiddle with whatever’s in front of me to use up some of that nervous energy.
I do it personally to help distinguish my beer from other people’s when several are sitting fairly close to each other (got a penis, though).
It’s just something to do with my hands. I also tend to fiddle around with whatever comes to hand, so when I’m at a bar, that means peeling the label off my beer bottle. It has nothing to do with boredom or wanting to get rid of the person I’m talking to.
College students I’m sure will tell you about beer bottle psychology. Peeling off the labels is a sign of sexual frustration and which label you peel off (front, back, or neck) indicates that you want a certain type of sex.
So, basically it is just something that fidgety people do - both men and women to a similar extent as far as I can tell (I do it) - and that can also be used to steer the conversation towards sex. This conversation topic can then easily be used for flirting, and finding out how interested someone is.
I know some women that I party with who do this and at least one has told me they do it just to make sure they know how much they’ve had to drink (I guess its an ok idea, but if you think you’ve had enough you’ve probably had enough and don’t need to know if one more is “ok”).
I’ll take them off from time to time if its a beer that I can’t get back home (i.e. Molson Dry) I stick them to random things, mirror in the bathroom, textbook covers, fridge, etc… for the heck of it.
That’s what I’ve been told. The frustration-part, not the location == what type of sex you want.
I peel labels off bottles, regardless of where I am, home or at a bar. It gives my hands something to do, and it keeps me occupied if I’m feeling bored or nervous.
I peel labels off bottles, pull rings off cans, chew edges on cups. I’m a fidgety person - I leave a trail of destruction wherever I go. It’s not that I’m bored, or even very stressed. It’s something I’ve always done, and I’m really the only person I know who does it.
I’m another bottle peeler, but I’m a guy. Again, just to echo other posters, I’m a fidgety person, and feel a need to always fo something with my hands. Hell for me is being in a meeting with not even a pen to twirl around on my fingers.
So, it’s guys, too. Mainly just fidgeting.
I do it and I’m a guy.
Ugh, in Michigan I hated it when people would peel the labels off their beers. It makes it really difficult to recyle them and get that 10 cent deposit back because the automatic machines wouldn’t be able to read the bar code. Same goes for the people who crush their cans. Unless it was on their forehead. Those I just didn’t mess with.
-Toby Keith
Which song was it Klaatu? We’ll keep posting tunes till we get a hit.
Definitely just something to keep my hands busy. If I’m drinking out of a can, chances are very high that I’ll use my thumbnails to dent the… what the hell is it… the part where the can widens out from the rim. I make little vertical dents all away around that with my thumbnails. I also pull out the rubbery bit from bottle tops, fold straw wrappers into little accordions, and break up the plastic drink stirrers.
I can’t stand not having something to do with my hands.
Because the condensation softens the labels, and it’s easy?
Dunno why I do it, it’s just vaguely satisfying to get the whole label off in one piece. Sort of like popping bubble wrap, only less noisy.