For now I think it’s not exposed and supposed to work with custom components. The purpose of that action is to be used mostly with stuff like input fields, where you can trigger an action to “focus” them.
As far as I know, you can execute only triggers from within the component and listen to that, to get the data out of the component. It would definitely be cool to be able to trigger actions within a component, but I’d say, that’s more of a rare usecase anyway. For any logic you want to do that you need triggering for, and it’s not an actual front-end actions I’d suggest you use the global workflows and trigger workflow action.