Nope it doesn't install to computer. Once you have the settings made up all you would need to do is include those files with your created game and others would be able to use with no install and no need to set anything up. Thing takes maybe 3 minutes tops to set up and you can choose from 25 .fx files doesn't get much better. Simple save of a notepad file to change the shaders. You can also configure it to not show that initial screen on top of the title screen at all which is probably the only feature i can see people being annoyed by.It seems like the program would need to be installed on an end-users computer for it to work, is that the case? That would probably severely limit its usefulness. But if you want shaders to make your game look nice, RPG Maker MV already supports them through the PIXI graphics library that's used for rendering. It'd take someone to create a plugin that provides the ability to set shaders, as well as a number of available shaders to choose from, but then the same type of effects should be available.
To be honest in theory it really shouldn't be too hard to create such a framework, the hardest part would be making it user-friendly to target objects on the screen for a shader's effect.