If you are specifically looking to rerun the last shell command, see Ctrl-R, with Make a keybinding to run previous or last shell commands
Actually, with VSCode 1.70 (July 2022), Ctrl-R is no longer limited to running the last command.
See issue 154306 "Add context key for run recent command open"
The views picker (Ctrl-q) lets you hit Ctrl-q again to go down the list:
{ "key": "ctrl+q",
"command": >"workbench.action.quickOpenNavigateNextInViewPicker",
"when": "inQuickOpen && inViewsPicker"
},
This is behavior we could copy in the run recent command
to make it act even more like Ctrl-R in the shell
This is implemented in PR 154552 and released in VSCode Insiders.
You now have the possibility to associate to your key shortcut a
"when": "InTerminalRunCommandPicker"
And with VSCode 1.71 (Aug. 2022):
From issue 154388: Allow pinning of commands in Run recent command quickpick
From

To:

This is released in VSCode Insiders today.
VSCode 1.75 (Jan. 2023) implements "Commonly Used" list in the first-time-opened Command Palette (issue 169091), with PR 171293
It adds the setting:
workbench.commandPalette.experimental.suggestCommands
Controls whether the command palette should have a list of commonly used commands.