Short answer: No framework is 508 compliant but they can be built following WCAG standards. Compliance depends on the author’s markup, copywriting, styling, scripting, fallbacks, and many other factors. What you really need is automated testing at a minimum.
Long answer: Good news is that Material Design Components were built with WCAG 2.0 Level AA in mind. So in order to be 508 compliant, you would need to meet certain WCAG 2.0 success criterion. That means you'd need to add accessibility tests into your acceptance testing or use an NPM package like "accessibility-developer-tools". The process is fairly simple: find a 508 checklist and map that checklist to actual tests in your project that run automatically whenever new code is pushed to GitHub or your CI environment. That and also doing manual testing with a screen reader on your website or app will ensure compliance.
Great breakdown, thank you so much