Self‐reporting smart materials are highly relevant in modern soft matter materials science, as they allow for the autonomous detection of changes in synthetic polymers, materials, and composites. Despite critical advantages of such materials, for example, prolonged lifetime or prevention of disastrous material failures, they have gained much less attention than self‐healing materials. However, as diagnosis is critical for any therapy, it is of the utmost importance to report the existence of system changes and their exact location to prevent them from spreading. Thus, we herein critically review the chemistry of self‐reporting soft matter materials systems and highlight how current challenges and limitations may be overcome by successfully transferring self‐reporting research concepts from the laboratory to the real world. Especially in the space of diagnostic self‐reporting systems, the recent SARS‐CoV‐2 (COVID‐19) pandemic indicates an urgent need for such concepts that may be able to detect the presence of viruses or bacteria on and within materials in a self‐reporting fashion.