Reusable Dynamic Taxonomy Shortcode

Ok, I figured out the solution and have it working to where I can swap out the attribute for the shortcode with any taxonomy available associated with every post type:

function custom_taxonomy_list_shortcode( $atts ) {
  $atts = shortcode_atts( array(
    'term' => 'location', //Set whatever default taxonomy you like
  ), $atts );

  global $post;

  $custom_taxonomy = $atts['term']; // Assign it to a var
  $terms = get_the_terms( $post->ID, $custom_taxonomy );

  if ( ! empty( $terms ) && ! is_wp_error( $terms ) ) {
    $output="<ul class="cpt-term-list">";
    foreach( $terms as $term ) {
        $output .= '<li>';
        $output .= $term->name . '</li>';
    }
    $output .= '</ul>';
  }
  return $output;
}
add_shortcode( 'term-list', 'custom_taxonomy_list_shortcode' );
add_filter('widget_text', 'do_shortcode');