Mad_Jack
Legend
Well, it is a fungus. So, first, is it poisonous to humanoids? If not, it can be food, if so, it can be used to make poisons.
The MM description doesn't give you much info on how it makes the noise, but the picture is in line with other descriptions that describe a mushroom cap with holes and a vocal-chord like membrane. How the air is take in and expelled to make the noice isn't explain, but isn't necessary for determining usefulness of parts. I would think you could take pieces of the cap and blow through them to make a noise.
Maybe you take the whole cap preserve it somehow and connect it to an airbag like a bagpipe. In the hands of a bard, it could be quite the sonic weapon.
Chances are that the "air" required to make the shrieking noise is actually a build-up of gas created as a by-product of the fungus' respiration process. That gas could be CO2 or it could be oxygen (large patches of fungus taking in CO2 and releasing oxygen may be the reason why Underdark creatures don't suffocate), or possibly even methane...
You might be able to use shrieker parts in a potion of waterbreathing, or (as mentioned) part of a Thaumaturgy potion, or as a paradoxical component of a Silence spell, or even use the shrieker cap as a sort of crude gas mask to filter out CO2 and breathe clean air.
If you have some means of creating a sealed bladder of air (like a bagpipe), you could rig up a trap that, when set off, forces the air through the shrieker cap and alerts anyone within hearing distance.
Of course, the shrieker caps will also make a rather stylish hat as well.
