This paper analyzes the Bridge2AI consortium's assessment of biomedical dataset AI readiness (AI-readiness) and the status of metadata creation and standardization. AI-readiness is assessed based on criteria including data fairness, provenance, feature analysis, explainability, sustainability, computability, and documentation of ethical data practices. Bridge2AI's four Grand Challenges (GCs) focus on generating AI/ML-ready datasets to address complex biomedical and behavioral research problems. Projects include leveraging negative biomarkers, building interpretable genomic tools, modeling disease pathways using diverse multimodal data, and mapping cellular and molecular health indicators across the human body. This paper assesses the status of metadata creation and standardization for each GC, provides guidelines, and identifies areas for improvement.