If the built-in bookmark systems in browsers could support tags, then I would say yes. However, it currently only supports a basic tree concept, with "folders" for links.
This is very one dimensional. I read loads of articles that talks about multiple topics. Especially Hacker News type articles :). An article can talk about, say geo-politics. As an example, perhaps an article on the recent pagers that exploded in Lebenon. This article may also be discussing some cybersecurity topics too. In this case I may want to tag it with 1->n tags.
I currently use Raindrop.io. It kinda works, but it doesn't really have what I have in mind. It also has more features than I think I need from a bookmarking app.
I kinda feel that Digg (wayback, it was one of the first 'Web 2.0' sites had a model that could work.
If I had enough motivation, I think I could probably produce a simple app that does tagging, and only tagging, with bookmarks.