You are absolutely correct. And, of course, the electric motor should not be held as an isolated system. It is part of a larger system that includes the incoming power (and distribution), controls, motor, coupling, load and process. When selecting technology to provide condition-based monitoring (some also refer to it as PdM, but it is actually a different animal), the correct selection for the types of problems that you are looking for is excellent. Especially when the technology can look at other parts of the system.
That is one of the reasons for the application of such tools as RCM. It involves the review of potential issues and the selection of strategies to identify or mitigate the potential failures based upon logic or history.
By the way, Entek is now Rockwell just like CSI is now Emerson.