This is not really a form of validity. Doesn't tell us much beyond how test takers are likely to view the test.
Content validity is most relevant when test is a sample representing a well-defined domain.
The quality of representation is the key. Content validity is generally established by logical means, statistical evidence is secondary. It is established by comparing items and patterns of answers to a test plan and definition of the underlying domain. Criterion-Related Validity Concern is how well the test estimates or predicts something else. The something else is a criterion, operationalized as a criterion measure.