Authors can't use the materials design icons by name (at least without shenanigans), but developers can. They may be referenced from XSL, JS, or even CSS. (Example of the later is that the "chevron" is not universal. Different themes use different symbols for expand/contract in the ToC).
For use by Runestone, Brad built a custom subset of the same material design font. PreTeXt could certainly do the same.
Perhaps via a utilities script that uses a list of icons to build a custom font. (As we learned with Runestone, it should be given a custom name so it doesn't collide with the real one.)
If a developer wants to use a new icon, they can add it to the list and rebuild the font. (Which leaves figuring out if the font is always rebuilt, cached by the CLI, baked into the PreTeXt source, who commits it if is part of the source, etc... )
Anyone who is rolling their own custom theme outside of the PreTeXt source would be on their own for providing any new icons. Which seems reasonable.
Andrew