You could use it if you pull wire rated for direct burial. Then the line is simply extra protection or a chase since the wire is not required to be in a conduit.
I am touchy about non electrical pipe being used as a underground conduit ever since I cut a white PVC line to get it out of my way repairing a sprinkler, only to find 14/2 UF inside it, you can only guess what a pipe is by it's color underground, use the wrong thing and someone coming behind in the future has no idea.
Was working on the USS Constalation years ago and as I was going up the same ladder all day I noticed that a pipe was purple (jet fuel) on one deck, white (water) on the next and purple on the next. I went straight to the XO’s office to report it and it was being painted before I got back to the ladder. That could have been a disaster if someone had cut into it. Color does matter.
Gas company here got some unwanted publicity several years ago when they hot tapped a 2" connection onto a water main assuming it was a gas line. Considering the fact that the water line would've been ductile iron rather than steel, the weld on that mess must have looked mighty fine.
At first I would have said use it. After reading a few entries, I would say don’t use it. That is the beauty of input from the GJ crew. The different view points make this resource invaluable.
When my neighbour was adding on to his house, he found a 3/4" iron pipe that passed about 6" from where his foundation was proposed to be. Everybody was scared to touch it, even though it was headed out into the middle of the back yard. So they just worked around it. Nothing like undocumented pipe!