When seeking tags for a question, often there isn't any such tag, so a person has to erase and start over listing tags, only to be rejected again. If there were a single page listing, a quick scan would facilitate a search for the most appropriate tag quickly. (Tags that are already accepted.)
The present display of page after page of tags is informational, so I wouldn't want it abandoned, though.
I am quite familiar with the display in the Answer by Glorfindel. So, what is proposed is a couple of pages of tag listings on a site, such as Christianity SE or Literature SE, that has four or five columns of listings. Each page could hold 280 tags easily in four or five columns; and depending on the font used, many more could be listed:
I realize hundreds of tags are on each site...but that is just my point. There are so many pages to look through to find the most appropriate tag, that it is too time-consuming. One or two comprehensive pages of listings would be of the essence.