Many ways.
It is probably incredibly simple
You can make it complex but the easiest way would be through a text render component attached to the character and offset a bit in Z:
- start with the component invisible and show it with updated text as needed, it hides itself after some delay
Some other ways:
- widget component + widget
- just widget
- 3d text component
- plane with material if you need it funky
- there’s more ways, surely