Does Material UI have an Image component?

Another option (at least in v5) is to use the Box component and select the underlying html element to be img as given in the example below (copied from official docs for v5)

     <Box
        component="img"
        sx={{
          height: 233,
          width: 350,
          maxHeight: { xs: 233, md: 167 },
          maxWidth: { xs: 350, md: 250 },
        }}
        alt="The house from the offer."
        src="https://images.unsplash.com/photo-1512917774080-9991f1c4c750?auto=format&w=350&dpr=2"
      />