So far, nobody has asked for such a feature. I don't think I'll implement such a feature either. In the end you can always search for images matching a tag on your site without the need for it to be dealt with already when uploading an image.

Another possibility to get such a feature could be to create a separate plugin that deals with the "virtual" folders / albums. Elgg is flexible enough to get this done looking smooth on the website with additional sidebar menu entries or new tabs. But I won't have time to work on such a plugin either.