It's no secret at this point, but Microsoft is working on something similar to Spotlight Search on Apple's Mac. It's a refined way to search for apps and documents, and it will even be extensible. It's been working on what's currently called Power Launcher since January, and according to the roadmap, it's going to arrive in May.
Power Launcher, which isn't its official public name, is a replacement for the Win + R and will ship as part of PowerToys. And like everything in PowerToys, it's meant for power users. The new Power Launcher will support all of the commands that you get from the Win + R dialog, and it will do a lot more.
As mentioned, Power Launcher isn't the official name. That's just what it's being called internally. Microsoft's Clint Rutkas says that since it can do more than just launch apps, the PowerToys team wants your help in naming it. You can vote in the Twitter poll, or you can suggest your own.
Help us name our Win+R project (we call launcher internally) for Power Toys. It can do more than just launch apps so trying to be sure we have a great, straight forward name that works for everyone— Clint Rutkas (@ClintRutkas) April 15, 2020
The feature will arrive soon, and if you want to check out the progress, you can head over to PowerToys on GitHub.