Yep, but global lists/labels are overrated. It's nicer to just do it on what your follows are talking about and then bring everybody else in the same topic to it.
Personally I would rather see manual tags done by humans, but I'd be interested in seeing the functionality that you envision.
Information flow is probably too fast for humans, even at today's scale.
Raw flow, yes. But our civilization is still 100% human driven. I'm hesitant to put algorithms to work making our decisions for us. I can see search tools that find potential notes, but the actual tagging I would want a human hand doing, not any kind of automatic system. I know that eventually these artificial neural networks will be smarter than us, but that's at least a few years off. Maybe that's just me.
Chiming in on this, I have always thought there could be value in aggregating tag data from every user and displaying the most relevant. I think a big problem with tagging is that users must remember to tag ahead of time. It's something you must do as you're making a post or reply. I think it's very robot-like behavior. There is two problems: 1) Tagging can equate to higher interaction, therefore more tags is essentially always better. This creates an endless well of tags by design. Expect lots of tags. The question is how to handle them. 2) Tagging shouldn't be dependent on time of posting. Not sure what else to say about it but that's my two cents.