I do that often myself. If you've written the command before, there's also vi mode for bash history, OR, even bash-completion package for some OSes that can give arguments for simpler commands. However, I see a couple minor limitations.
1. You're limited to binaries and executable scripts in your $PATH
2. Many commands do not have bash-completion support.
vi mode for bash, bash-completion are both innovations trying to tackle this optimization of workflow. I see tools like dmenu and slmenu as better ways to give richer UI and create/reuse workflows. GP's request for `allows fuzzy search of program names, tags and a short description` is highly doable in dmenu/slmenu if not already done [0]. Not so much with bash, vi mode for bash, bash-completion.
[0] https://tools.suckless.org/dmenu/scripts/