Are there still any advantages to them?
I would imagine that there would be at least several somewhat major drawbacks, to such a scheme, on modern cpu architectures.
Pipe-lining and other speed-up mechanisms, would probably be badly hindered by the fact that they would not know exactly what instruction is next, until the data has been read/examined (as it has the tags in it).
i.e. This would be similar to the problems we already have with branch prediction, and the potential delays, branch instructions can cause.
It may cause security problems, because one of the modern mechanisms is that programs are (potentially) protected from being able to write executable instructions to ram. To minimise the risk of virus's, and similar problems.
But tagged data, would potentially allow rogue programs to mess with the tags, and change the functionality via the data area (of memory), which the virus would be more likely to have access to.
Existing compilers would be generating X86 code (or Arm, or whatever), and would need extensive re-working, to handle the new code generation challenges, of tagged data architecture computers.
Past/present/future programs would have to be at least re-compiled, and maybe re-optimized or even modified, to cope with the new type of cpu. In practice this could take a very long time, to happen.
E.g. How many software packages now use the latest Haswell AVX2 instructions ?
Then the existing customers of cpus/software etc, would have to be persuaded to buy into this new architecture, which would probably be incompatible with most/all software around at the moment, and the newly written software, would only work on these new type of computers (cpu).
Ignoring all the above potentially major problems/issues, I can't easily see how it would offer much benefit to modern cpu architectures.
I get the impression that this was one of the many technologies which was tried out a long time ago (such as in the 60s), and has been mostly long forgotten, these days.
I.e. Along with Drum Disks, Nixie tube displays, Punched cards/tape, Core memory, Floppy disks (especially 8 inch ones), and mini-computers (the big ones from the 1970s and 80s, NOT modern mini-ITX cased computers).
tl;dr
No (not many advantages these days, that I can easily see, except maybe extremely rare/niche application types).