It really depends on what you desire. In general, bicycles are a low stress environment, so basically anything works reasonably well. You could probably use bacon grease provided you changed it goes rancid.

Since bicycles are relatively benign environment, the high temperature properties of a grease are basically irrelevant. That allows the manufacturer a little more lee-way in optimizing for other properties.

One way to think of grease as running the spectrum from performance to durability.

Something like Shimano Dura-Ace grease is a relatively thin grease formulated for minimal rolling resistance in wheel hubs. At the other end of the spectrum you have marine wheel bearing grease, which will be significantly more weather-proof at the expense of slightly more drag, since hubs never really get up the operating temperature range of automotive grease. ParkTool grease is somewhere in between.