Is there an actual use for the "Sound Waves HUD" chip?

Aside from analyzing the BGM and looking cool, the HUD Sound Waves chip serves one other purpose. According to posts like the one in this thread, it helps you find a specific Pod in the desert:

There's an item in the desert (pod C) that emits a high-pitched sound when you're close to it so it's easier to find. The sound display detects this noise, giving a hint to people who can't hear it (or hear poorly in general, or people like me who thought my speakers were dying instead of thinking it was an actual game sound).

This is backed up in this thread, as well:

I believe it's meant to help those who have a handicap with their hearing.

There is an thing (a pod) in the desert that can be found through a sound it makes. Not everyone can hear it.

If you've already found this Pod or are confident in your hearing abilities, there appears to be no other purpose to this chip other than being a BGM analyzer.

I think this is related to when normal enemy robots are talking. You will not hear them talk if you don't have this equipped.