Installing this module will provide basic configuration for media libraries.
The blog Managing media with Drupal 8 is what this configuration is based off. See https://www.flocondetoile.fr/blog/managing-media-drupal-8
There is one Media Bundles provided: Image.
You will need to create the field reference to the Media. Added the field reference to the paragraph or content type that will access the media bundles.
In the manage form display switch the dropdown from Autocomplete to Inline entity form - Complex. Under the Options check the "Allow users to add existing media entities" and choose the Entity browser. Image Browser is provided by this module.
Go to manage display and change the format to Rendered entity.
This is a solid launching point for use. There are many customizations to be done base on your use case. Including making a library for documents or videos.