So I have the default WooCommerce Product Tags Cloud Widget on my sidebar/footer and I found the following code to limit the number that it's showing because it took up a ton of space. This code however is not actually showing the most popular tags, and I don't know what it's using to order them by.
function set_widget_tag_cloud_args($args) {
$my_args = array(
'orderby' => 'count',
'order' => 'DESC',
'number' => 15
);
$args = wp_parse_args( $args, $my_args );
return $args;
}
add_filter('widget_tag_cloud_args','set_widget_tag_cloud_args');
So it is restricting it to 15 tags correctly, showing only product_tag and not regular tags, but the orderby isn't working properly. For example, my most popular tags (by count) are "Piano" and "Bells" but these are not showing on the list at all.
Edit: I've changed to the standard Wordpress Tag Cloud and it has a dropdown to select Product Tags instead of post tags. However the behavior is strange, running this filter without the 'number' => 15 results in the orderby count and to work properly, but then it shows 45 tags which is too much. Once I add the number arg back into the code it restricts it to 15, but its not displaying them in the right order.
Yellow shows tags across all limits, blue shows what tags are added upon increasing limit, red shows the top tags that don't appear under any limit, only default limit setting.

You are using wrong hook for the customization. You need to use
woocommerce_product_tag_cloud_widget_argsto customize arguments of WooCommerce Product Tag cloud.