Matters for what? A database is a tool to solve a problem, not a timeless repository of deep cultural meaning.
If I make a webapp that is only localized in English, display, first, last will let me solve my common problems: I need to say "My account (John Smith)" in the corner (display name), and I want to be able to write emails that say "John, we know you're wondering how company that sold you a pair of pants three years ago is feeling about COVID-19…" (first name) and list articles by author sorted by last name. Those are all common use cases for apps used by English speakers.
Now, if I were making an app to do voting in Myanmar, I would need to deal with there not being last names for many Burmese. If I was trying to track Arab speaking terrorists around the world, I'd want a long list of their aliases and kunya in multiple romanizations (I think the CIA used to prefer "UBL" for Osama bin Laden because they called him "Usama"). If I was making a library app, I might want to have the English romanized name plus the Unicode native language name. Tons of possible problem spaces with different solutions.
I just think tagging the different name parts for "Gabriel José de la Concordia García Márquez" is going to be overkill for most English language apps because when are you going to look someone up by maternal family name versus of just doing a full text search for "Garcia Marquez".
