The Camera Calibration tab in ACR

If you own an X-Rite ColorChecker Passport, or a similar tool, you can create your own custom colour profile for your camera's Raw files.  I'm not a photographer, so I've never done this (nor would I even if I was, probably), so I can't discuss that.

But what I can discuss is the range of canned profiles that come with Adobe Camera Raw.  You find them in the "Camera Calibration" tab.

In Elements, it looks like this:

In Photoshop, it's more involved:

By default, the profile is set to "Adobe Standard".  Let me make something very clear - Adobe Standard is an excellent profile.  Most people never change from it, and never need to.  If you want to keep your life simple, just stick to that default, and  go and have a beer or something.

But if you're of a dabbling nature, you might like to take a look at the other options available, and there are quite a lot:

As you scroll through them, you'll find that some make your photo look like complete tripe, others make it a bit darker, or a bit richer, or a bit flatter, or whatever.  All of these different profiles are different interpretations and representations of the ones and zeros of your Raw data.

If you are interested in choosing one of the other profiles as your default setting, you're welcome to do so, but please heed these three points of advice:

1. Only view unedited files while making judgements about the profiles.  Don't use ones to which you've already made adjustments.  SOOC data is what is relevant here.
2. View LOTS of your photos.  Do not make a hasty decision based on one file, or even a handful of files.  You need to see the profiles acting upon a vast range of your images - indoors, outdoors, people, scenery, dark, light, etc, etc.  Take plenty of time for this process, because it's a very important one.
3. Be perfectly happy to return to the Adobe profile at the end of it all, if nothing better appears.  Like I said, it's a good profile.

If, after exhaustive testing, you find a profile that you like, just choose it and set it as your new default:

PS: In Photoshop's ACR, as well as the menu of profiles, you also have a bunch sliders which can further tweak the colours of your camera's data.  You're welcome to play with those as well, but you're totally on your own, because I've never used them, and they scare me a little.  The same three points of advice apply as above - unedited files only, lots of them, and be prepared to walk away if you make a mess :)