Yes. There is nothing in the description that says that you can't use the created object as a material component. The only qualifiers are related to size and mass, and that the created object be nonmagical. Since material components are not typically magical, you can create them with the class feature.
I'd be very wary of allowing this kind of thing. Material components on spells exist for two reasons: reduced availability, and opportunity cost. In order to cast a spell with an expensive component, you need to have purchased that component at some point before, which means that you need to have thought about the number of times you wanted to cast the spell beforehand. Also, you have the opportunity cost of having to tie up some of your wealth in spell components that you may or may not ever use. Allowing Minor Conjuration to make expensive material components totally bypasses both considerations, and makes them basically pointless for a Conjuration Wizard. It feels like if the class feature was intended to bypass a system like that, they would have said so.
That said, this is a game of rulings, not rules. Maybe you like the idea of a world where conjuration wizards can make material components out of thin air. Maybe there's a shop in every city where a conjuration wizard sells half price spell components that you have to use right then. Maybe a cabal of conjuration wizards and their simulacrums secretly runs the world with expensive magic that the rest of the world has to pay for. If that's the world you want to play in, then by all means, allow conjuration wizards to bypass expensive spell components.