I've seen something like this on the Business Traveller forum site and seems like a good idea. Don't think we'll see it in the UK any time soon as decisions on things like runways take forever! Maybe the Chinese will be the first to introduce it; have you seen there airports around Chinese new year.......
Those paper tags are surprisingly strong and have now replaced the need for an additional tag as your name is printed on it. However if travelling with friends/family you often find first surname alphabetically dictates the name on the other tags. Computerised baggage handling "behind the scenes" is now the norm, but like anything with human input mistakes happen.
With the development of apps someone may be working on one that scans your part of the tag that's attached to the boarding card, which you can then use to track where you bag is, s oyou don't need the expensive suitcase. An interim solution perhaps?