For what it’s worth, we have some remarkable siphons along the Colorado River Aqueduct.
This is a siphon crossing a wash at 34.0680006, -115.0330675. The wash is clearly the lowest point in the surrounding terrain, but the aqueduct siphon goes under it and resurfaces in the canal on the other side at higher elevation than the wash. (The aqueduct flows right to left in this picture.)
Edit: It seems like it might be worthwhile to make the distinction between this type of structure and penstocks or pump-driven pipelines.
On the topic of underground waterways:
I’d rather see waterway=river/stream combined with location=underground than coin new tag values to combine the two.