When viewing a file in a player you might see metadata displayed and you have no idea where it is coming from. You can use this function to find a tag containing the metadata.
The All Tags edit panel has find functionality to search for content. This menu item will display the All Tags edit panel (if hidden) and will then display the find panel. If an item is found it will be selected.
If you wish you can use the Show Containing Edit Panel context menu item to view the metadata on a different edit panel which contains the item.