Yes, natural earth is a great resource, just that they do not offer medium detail features, their largest scale is 1:10million. I have been thinking about this for several years, although not all the time admittedly 
IMHO we can have a parallel dataset for geographic items, be it mountain ranges, bays or other large areas, that is richer than natural earth and faster to edit.
While simple lines for the labels could be enough for many usecases, having polygons seems more universally usable.
What I have is the current set of geographic regions (land and marine) from natural earth converted to geojson, filtered to have only a few attributes and formated for better viewing and a script to add localized names to the geojson from wikidata. I also fixed some wikidata ids and added a few.
Next step will be I add some regions in my area that I know, but it would be great if other people would contribute regions in their area. It can be really rough for the moment.