Can you estimate product demand with SEO tools?

When I come across a product idea nowadays my first impulse is to look up search volumes on one of the keyword research tools (ahrefs, semrush, moz, etc).

It seems like a great way to weed out ideas that sound good but people aren't actively searching for.

Is anyone else doing this? Did anyone pre-validate an idea like this and built the product (or site) just to find out they were wrong?