Let's be clear about some things: The placenta is a human organ. It connects a fetus to the uterine wall. To say that "technically, it's not a human body part" is absolutely and completely incorrect. It is the textbook definition of a human body part. It is NOT a byproduct. This is the equivalent of having a kidney removed.... and then eating it. I seriously doubt that cooked placenta has any health benefit above eating any other cooked meat. The concept of cooking and eating one of my own organs is pretty disgusting to me. This is called cannibalism. If you don't think cannibalism is disgusting, you're a complete r****d.
Unless this is going to prevent you from one day purposely drowning your kid in a bathtub then eff that.