It can be used to create tube and tunnel shapes.
Some photographs illustrate the pattern:
Diamond pleating - close up
Diamond pleating - from underneath
This pattern has been known about since at least the 1960s - and
may be much older.
The depth of the valleys can be varied by changing the
angle between the ridges and the valleys.
A similar pattern has been used to create tensile structures - e.g. see
In theory, the structure could be made using ridge and
valley cables - though the crossed cables seem likely to
generate undesirable friction.
Perhaps more practical would be a folded plate structure -
perhaps with tensile straps across the upper tips of the
diamonds (and underneath them) to increase the resulting
There's a folded plate picture
Another one is