I am a big fan of the PnP reusable controls and previously delivered some sessions about them. You can find the slides for one session on this blog post. One of my favorite controls is the TaxonomyPicker control, which I often use in custom forms to update list columns.
When using the PnP TaxonomyPicker reusable control to let the user select values for a managed metadata list field in SharePoint, you have to convert that selection into an object that you can then pass to the REST api when updating the field value.
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