Under FDA or American Psychiatric Association guidance and regulations, it could be a suitable aid for help in diagnosing mental health issues. Yet, it would only be ethically reasonable for it to be nothing more than a diagnostic tool in the hands of qualified psychiatrists much like an MRI/CT/PET/etc. is for a radiologist or neurologist or ECG/ultrasound/etc. for a cardiologist.

Edit: In my experience, experts in some areas are just slow to adopt technology. Physicians and cardiologists still use rubber-tube stethoscopes (there's a startup in this area, Eko Devices that's trying to change it, but the physician community, IMO has inertia). Sleep health assessment is done manually by technicians. Psychiatrists rely on simple questionnaires (or sets of questions), while leaving out plenty of other data points. Same with doctors in many other fields, quantification of behavior/phenotype/etc. is in its infancy, with only numbers like blood glucose, blood pressure, body temperature, etc. being reliably used.