The idea sounds great to me! It's actually something I'd thought about a lot in the past, when switching applications.
Some wallets do allow to export this information, but it's only really useful for importing into the same wallet on a new / other machine.
Keep in mind that it does not export private keys or other secret data, so you can't use it to migrate between wallets by itself - it only exports the labels. It is a security hazard to leave private keys lying around in a spreadsheet.
Yes, I know! But you can export this 'metadata' already in some wallets; on Sparrow it's in JSON format, and includes sender, receiver and a lot more information for each transaction. But it should be easy to implement a parser that strips everything and formats it like proposed in the BIP.
That way I can import a seed phrase into a new wallet (or not; when used with a hardware wallet) and 'patch' the transaction labels using the standardized CSV.