Thanks @Elvar for so perfectly stating the requirements!
I would like to add that this would be a HUGE improvement for enterprise-scale sites, which tend to have large groups using large spaces.
The primary audience for Confluence documentation pages will most often be new employees who may ALSO be new Confluence users.
Thus, we should not rely on pre-existing user knowledge; we should improve initial conditions to create better odds of success for all users, including novices.
Where organizations are using a very large Confluence instance to inform or educate employees, we must remember that:
- Many users have no idea where the search button is, much less the space directory.
- Searching just about any english word will return a large number of irrelevant results, causing frustrated users (as Tom W explained in the first comment).
- Users often lack the means to refine their searches. They may not have any idea which space is relevant, or even what a space is, much less when the content might have been produced or by whom.
- Users are busy, and do NOT want to read long strings of extraneous text
Best practice for documentation is to provide multiple pathways for users to find relevant content. This means that we need:
- Search mechanism for specific strings (yes)
- Tree navigation for browsing topics (yes)
- Ways for content creators to easily construct alternative page trees, such as by user goal (missing)
For example, I might write about search in Confluence, Jira, and other products under each application's Confluence page tree. A user can find the information while browsing documentation for that app, BUT success depends on the user to know where to start looking.
The handful of users who actually understand Confluence search will no doubt find those pages using that mechanism.
However, users often want to find content based on their goal ("I need Help for Searching...).
Therefore I ALSO want to present a generic "How to Search" page in a more generalized Help page tree, and then give them a directory of all search-related page labels, e.g. confluence-search, jira-search, otherapp-search, etc.
Lastly, I may want to use this macro with the same settings for parent page and included labels on pages in other spaces, such as the general IT Help space.
I wouldn't have much real estate there, so this Label List Macro would be a far better solution than Content By Label, if only it had a few more parameters 
A joker to restrict would be fine, for e.g.
labelprefix*
*labelpostfix