Check out this Screenshot.

Shouldn't a hierarchy list of tags appear here?

Usually it appears. Sometimes, the tag "appears" there but without text (but the tag object is there as evident when you hover over it.)

Other times, like this, nothing appears.

It's a usual feature to see the hierarchy or tags which gives me easily access to the tags from design view for easy altering in the properties window.

I think too many developers love to do things the hard way and sludge thru tags in HTML view and hardly use this, but it frustrates me when it doesn't work all the time.

Is it me? Nah....