UA Psionic Wizards get a special ability called Thought Form where they become beings of pure energy. Part of that ability is Psionic Spellcasting.
When you cast a spell while in thought form, you can cast the spell psionically. If you do so, the spell doesn’t require verbal, somatic, or material components that lack a gold cost.
What does this mean? Functionally, you have an arcane focus as a class feature so material component usually doesn't matter.
This means you can't cast spells like Glyph of Warding (200gp dust, consumed) for free. However, can you cast spells that don't consume the materials like Chromatic Orb (50gp, diamond)?
Otherwise, the "no material component" seems irrelevant as you have your psionic focus already to activate the ability.