As an example application, it would be cool to have a vehicle know when its shocks need to be replaced or if they are too far out of specification, just from monitoring suspension arms' angle sensor/s.

Yo, your car's shocks need replacing. It is currently underdamped and going to bounce around like a Ford Fiesta in an LA earthquake.

Hey buddy, those pricey tuner shocks are problematically over-damped which will lead to a rough ride, wear issues, and handling problems.