Yes, it is. John von Neumann memorized math formulas. Keats memorized Shakespeare. The whole of Homer's work is oral story-telling passed down through generations of memorizers. There is a World Memory Championships.
You would probably like Joshua Foer's book Moonwalking with Einstein.
Developing memory is not a panacea for intelligence or a replacement for sound thinking. Some elite memory athletes assert that they're not that smart and attribute their success only to working very hard at memorizing.