That’s a standard shell feature. A more efficient way of writing same is
mkdir -p cool-fedi-project/{postgres,redis}-data
or even
mkdir -p cool-fedi-project/{postgre,redi}s-data
It also supports ranges, e.g.,
mkdir -p cool-fedi-project/data-{0..5}
creates 6 folders. They can be combined
mkdir -p cool-fedi-project/{a..z}-data-{0..9}{0..9}
creates 2600 folders (26 from letters, 100 2-digit numbers)
mkdir -p cool-fedi-project/{a..z}-data-{0..99}
Also creates 2600 folders, but with a mix of single and double digit numbers.