Material You is not quite you just yet, but there’s much more of it in the second beta compared to the first. You won’t get the full array of customization that we’ve seen in renders, but you will get to see the color-stripping part populate across the interface.
To see the Material You theming in action, long-press on the Home screen and select Wallpaper & style. Then, choose a photo from your files or any of the stock options offered by Google. Once you select an image and whether you want it displayed across both the Home and Lock screens, Android will pick a color that matches the background.
The color-matching is very subtle in the current iteration, and it’s not entirely clear how the OS makes its choice. It’s also unclear whether you should choose your icon style and font type before choosing your wallpaper. But you can play around with it to get a glimpse of how Material You will extract color in the final build.