That's what I would probably do; enter the XYZ Position coordinates into the Target Point fields, then reset the UP Vector fields to 0,0,1.
Yeah... that's the current pretty tedious way of doing it. Doing this, we either have to jot down the coordinates-- hoping our Space Units is currently set correctly to achieve this-- and enter those into each X,Y,Z of the Camera Target Point fields, or copy/paste each from the Inspector Bar into the Target Fields coordinate boxes, one at a time. Either way, it's tedious, slow, cumbersome.
Let's say we have a whole, furnished, house model. In that house, we have a breakfast-table & chairs. We want to Zoom In and Dynamic Examine around the center of those table & chairs... Select them, tap a User-created SEKE to invoke the proposed "Set Camera Target Point by Selected Object(s)" Command, and we can quickly and easily Dynamic Examine around them after Zoom Selection.
That's just the first simple example that came to mind.