Absolutely! This is just asking to be added into the XFMG core.
A while back, I went so far as to create a basic 'proof of concept' addon for my site ... but I have left this idea in abeyance for now. Aside from a "Media you're tagged in" XFMG navigation link, other potential integrations haven't been fleshed out.
PS: I thought that I already suggested this but I guess I was dreaming . So thank you for creating the suggestion, @Sim