Essentially, I see it as a meta-indicator, a way of making decisions in situations where I don't have all of the information.
Another way to look at it would be through the lens of game theory. Game theory is absolutely a field of some consequence, and it's all about relative positioning of agents in a system and their likely intentions after factoring in the likely intentions of their peers.
In a word, you might describe this type of analysis as simply, "wisdom." I find it to be of particular value in entrepreneurship.