That could definitely be a food source option, and if you don't want to eat the cow then you could just raise it.
This is a farming sim! no no no no noooooo! We will not resort to eating little baby cows or there mothers!
No, there won't be veal in Stardew Valley. Although veal technically just means "the flesh of a calf, used as food", the term is so intertwined with certain inhumane practices performed by the veal industry that I'd rather not inadvertently promote those practices by including veal in the game.