Keyboard Maestro 8 improves the Trigger Macro by Name system in a number of ways.
First, like all the "by name" facilities, it uses some machine learning to figure out the most likely macro you will want to select for any given search. So if you type something in, and then find the desired macro and trigger it, next time, probably typing just the first letter will put the macro right at the top of the list.
You can also have Keyboard Maestro pre-fill the input field for you, so you can set it up with a default, or you can have multiple different macros with the Trigger Macro by Name action with different defaults.
Alternatively (or as well), you can restrict the macro to just a set of macros / macro groups which can give a very customised experience. For example you could restrict it to your text expansions macro group and have Keyboard Maestro list all your text expansions for those times when you can't remember what the trigger was for a rarely used expansion.
You can optionally include inactive or even disabled macros in the selection, which is a rare case in Keyboard Maestro where you can trigger a macro that is disabled or inactive.
And you can add optional parameters by appending "//" to your search pattern. Anything after the "//" will not affect the search restriction, but will be passed to the TriggerValue token which can then act of the parameter to adjust the behaviour of the macro.