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I'd say that physics was pretty much an application of eigenvalues and eigenvectors. :-) In particular normal modes (en.wikipedia.org/wiki/Normal_modes) of oscillations for a system with $n$ degrees of freedom comes down to finding eigenvalues/vectors of an $n$-by-$n$ matrix.
The product notation $\prod_{n=1}^{2^{n^2}}$ is rather treacherous when dealing with a noncommutative ring. There are orderings of your $M_{(n,k)}$ having two consecutive matrices which multiply to zero.