Well, you can use just about anything for a strop, so I think the question is "Can I make a good strop out of reconstituted leather".
I personally would recommend not wasting time on it and getting some of the real thing (vegetable-tanned leather). But if you're inclined, you could try it out and see how well it does.
The "grain" surface is made out of polyurethane, so I'd say that's out; I don't see it holding the honing compound, more like it would just smear around. The back is made from fabric and shredded leather bound with an adhesive, so there's some sort of chance that may work okay.
You can make a strop out of cardboard and a pretty good one out of MDF. All it needs to do is hold the honing compound well enough to let it do its work, and not break down too fast from the action of rubbing the edge over it.
On the bright side, if you try it and report back, you're very likely to be the world-wide published expert on strops made out of bonded leather :)