Tags provide an easy way to associate strings that look like hash tags (e.g., #HOME) with commands that you run on the command line. Once a tag is established, you can rerun the associated command without having to retype it. Instead, you simply type the tag. The idea is to use tags that are easy to remember for commands that are complex or bothersome to retype.
Unlike setting up an alias, tags are associated with your command history. For this reason, they only remain available if you keep using them. Once you stop using a tag, it will slowly disappear from your command history file. Of course, for most of us, that means we can type 500 or 1,000 commands before this happens. So, tags are a good way to rerun commands that are going to be useful for some period of time, but not for those that you want to have available permanently.