Currently it's in alpha, but definitely promising. The most beautiful thing about Ionic Material is that you don't have to change the way you develop Ionic apps in order to apply material design. It's more like an extension to Ionic and provides the material design as an adhoc library.
I just started using it. Need more time to come with a verdict. I would suggest you to try it out and see if it works for you. After all there is no harm in trying something new.