Sure, but that’s about providing a ground path for the water line in case it becomes accidentally energized, not necessarily providing a ground electrode for the electrical service. In other words, you’d have to do that even if the metal water piping was not eligible to be used as a ground conductor:
NFPA 70
250.104(A)(1) General. Metal water piping system(s) installed in or attached to a building or structure shall be bonded to any of the following:
(1) Service equipment enclosure
(2) Grounded conductor at the service
(3) Grounding electrode conductor, if of sufficient size
(4) One or more grounding electrodes used, if the grounding electrode conductor or bonding jumper to the grounding electrode is of sufficient size
The bonding jumper(s) shall be installed in accordance with 250.64(A), 250.64(B), and 250.64(E). The points of attachment of the bonding jumper(s) shall be accessible. The bonding jumper(s) shall be sized in accordance with Table 250.102(C)(1) except that it shall not be required to be larger than 3/0 copper or 250 kcmil aluminum or copper-clad aluminum and except as permitted in 250.104(A)(2) and 250.104(A) (3).
NFPA 70
250.104(A)(1) General. Metal water piping system(s) installed in or attached to a building or structure shall be bonded to any of the following:
(1) Service equipment enclosure
(2) Grounded conductor at the service
(3) Grounding electrode conductor, if of sufficient size
(4) One or more grounding electrodes used, if the grounding electrode conductor or bonding jumper to the grounding electrode is of sufficient size
The bonding jumper(s) shall be installed in accordance with 250.64(A), 250.64(B), and 250.64(E). The points of attachment of the bonding jumper(s) shall be accessible. The bonding jumper(s) shall be sized in accordance with Table 250.102(C)(1) except that it shall not be required to be larger than 3/0 copper or 250 kcmil aluminum or copper-clad aluminum and except as permitted in 250.104(A)(2) and 250.104(A) (3).