Example showing how to wrap an icon font as a web component (example adapted for browser 'snippets'/console).

material-icon-font-as-web-component.js

// Note: in real world example things would work slightly differntly:
// ----
const matSymStyleSheet = new CSSStyleSheet();

// Load css for custom 'x-icon' element - In realword scenario css can be loaded using import assertions, and/or,
// directly via app facilities (sass, webpack, etc.).
fetch('https://fonts.googleapis.com/css2?family=Material+Symbols+Outlined:opsz,wght,FILL,GRAD@20..48,100..700,0..1,-50..200')
  .then(res => res.text())
  .then(css => matSymStyleSheet.replace(`
${css.replace('.material-symbols-outlined', ':host .material-symbols-outlined')}

:host {
  --size: 24px;

  /* Material icon props. 
   * --------------------- */
  --fill: 0;
  --wght: 400;
  --grad: 0;
  --opsz: 48;
  

  display: inline-block;
}

:host .material-symbols-outlined {
  font-variation-settings:
  'FILL' var(--fill),
  'wght' var(--weight),
  'GRAD' var(--grad),
  'opsz' var(--opsz);

  font-size: var(--size);
} 
`));

const materialSymbolsLink = document.createElement('link');

materialSymbolsLink.href = 'https://fonts.googleapis.com/css2?family=Material+Symbols+Outlined:opsz,wght,FILL,GRAD@20..48,100..700,0..1,-50..200';
materialSymbolsLink.rel = 'stylesheet';

document.head.appendChild(materialSymbolsLink);

const xIconName = 'x-icon';

class XIcon extends HTMLElement {
    static localName = xIconName;
    
    get localName () {
        return localName;
    }

    constructor() {
        super();
        const shadowRoot = this.attachShadow({mode: 'open'});
      
        shadowRoot.adoptedStyleSheets ? 
          shadowRoot.adoptedStyleSheets.push(matSymStyleSheet) :
          shadowRoot.adoptedStyleSheets = [matSymStyleSheet]
        ;
      
        shadowRoot.innerHTML = `
          <span class="material-symbols-outlined" part="ligature">
            <slot></slot>
          </span>
          `;
    }
}

if (!customElements.get(xIconName)) {
    customElements.define(xIconName, XIcon);
}

document.body.innerHTML = `
<style>
html, body {
    background: #333;
    color: #ddd;
}
x-icon {
  --size: 100px;
}
</style>

<!-- highlights how '.material-...' class is required outside of web component -->
<span>storage</span>

<!-- Notice here how all icon details, and styles are encapsulated inside of component -->
<x-icon>storage</x-icon>

<x-icon>close</x-icon>

    `;