You can make a respectable quick bread from matzo meal.
Jude's answer provides compelling evidence that the heating involved in baking matzo damages its ability to form a gluten structure, and that such "flour" would therefore be unusable as a substitute for flour in a normal, raised bread recipe.
However, she suggested that it might be usable in a quick bread, using leavening other than yeast, and I decided to give this a go to see what happened.
I used this recipe for Irish soda bread, halving all quantities (this ended up being 2 cups of matzo meal, or four squares worth). Ingredients:
I ground the matzo in a food processor for an unreasonably long time, then put it in small batches into a mortar and pestle to grind it down further. Although this got me a consistency finer than most commercial matzo meal, it still wasn't quite as fine as flour; more like a 50/50 mix of flour and fine bread crumbs:
The dough was easily malleable, but the lack of gluten was very noticeable: it didn't want to stick together at all, and had to be handled carefully lest it crumble apart. Cutting the 'X' into the top didn't show any of the expected "springiness" or tendency for the sides of the incision to spontaneously pull apart, as shown in this video. However, it formed into a ball easily enough, as long as I was gentle with it:
Per the recommendation of a comment on the recipe I was using, and to accommodate my smaller portion, I baked at 350 instead of 375, and left the loaf in the oven for about 45 minutes (until the exterior was nicely browned and a fork came out clean). The loaf barely expanded at all during baking, despite plenty of acid (from the buttermilk) and chemical leavening (baking soda and powder):
The end result was quite good, but not like Irish soda bread at all.
Taste: Toasty/caramelly, delicately sweet, quite rich.
Texture: Pleasantly crispy crust. Dense, moist crumb. The coarser crumbs from the "flour" are very noticeable and provide a nice chew. Overall very similar to cornbread made with a mix of coarse and fine cornmeal.
Overall: Pleasantly surprised. I would eat this on purpose. Good with a little butter; would be good with soup or stew. Basically anything you could do with a not-too-sweet cornbread, you could do with this.