We do have a case open for a tag cloud plugin, but it isn't on the immediate road map. You can see the status here in this post.
The way I would retrieve this data in a plugin is via a generic database query with the CSelectQuery class. Plugins can perform read-only queries on any table in FogBugz, and write-queries on the plugin's own tables. Make sure that all your queries use fully-qualified column names in all SQL:
CSelectQuery select = api.Database.NewSelectQuery("Tag");
select.AddInnerJoin("TagAssociation","on TagAssociation.ixTag = Tag.ixTag");
select.AddSelect("count(distinct TagAssociation.ixBug) as nBugCount, Tag.sTag as sTag");
select.AddGroupBy("Tag.sTag");
DataSet ds = select.GetDataSet();