Is there a module that can create a Taxonomy out of the installed modules?
I have decided to use a combination of 3 modules to accomplish the task.

Views System, Views Data Export and Taxonomy import/export via XML

Views System is a Views module that lists all the installed modules and themes. Views Data Export enables the output of Views System to be exported as XML or CSV which Taxonomy import/export via XML can then import into a taxonomy.

A module which can update taxonomies from feeds would be nice, there is probably a module for that, but these will do for the time being.