Creating shortcut for Tags

This was answered previously, though the link is long gone, and the Finder File menu : Tags… menu item will not react to any keyboard shortcut assigned to it, nor will it show that keyboard shortcut adjacent to the Tags… menu item. This may have something to do with the item appearing on both the Finder File menu, and on the secondary Finder menu.

You could send feedback directly to the macOS product team about this Finder feature request. Otherwise, the right-click/control-click/two-finger tap on one or multiple files will bring up the secondary Finder panel with Tags… on it. Not what you wanted, I understand.

That is what it means. You can assign any keyboard shortcut you want to it via your approach, and not only will it ignore that keyboard shortcut, but it won't even appear on the menu item. Logging out, or rebooting make no difference.

Normally, Apple won't respond to any submission due to the volume that they receive. If you believe this is futile, then trust your instincts.

On the otherhand, the product team may note that your feedback was the 999,999 request for this, and they may schedule it for a future release of macOS. Probably won't be in Catalina as this late stage, and likely never, but one never knows how decisions are made at Apple.