Hi @Nishanth Chakkere,
In SharePoint, usage analytics are primarily focused on tracking interactions with items, documents, and pages rather than individual web parts. While you can gather analytics on the items displayed by web parts, the web parts themselves do not have dedicated usage analytics.
Personally, I completely agree with you, this is indeed a good addition to the current features of SharePoint. Thank you for bringing things to our attention. We sincerely recommend you go to SharePoint Feedback community to provide your feedback: SharePoint · Community (microsoft.com). This is the best platform to let related team hear from you and make the products and services better for you and others.
If the answer is helpful, please click "Accept Answer" and kindly upvote it. If you have extra questions about this answer, please click "Comment".
Note: Please follow the steps in our documentation to enable e-mail notifications if you want to receive the related email notification for this thread.