In medicine "Data Mining" is referred to as epidemiology and it's as old as the hills even predating computers. It is quite a difficult study to get right and employs many scientific disciplines.
Epidemiology provides numerous health benefits to the community and in some respects the same principles can be also applied to aircraft/engine health.
However I'm having trouble understanding any tangible benefit out of such a non-deterministic system that is being proposed here. If the system said "Don't fly with cheapskate airline X in February because that is when they are most likely to crash" then nobody will fly with them in February and they won't crash.