What is LG Monitor App Manager actually doing?

I recently bought an LG 34-inch UltraWide monitor. The screen itself works great — no complaints there. But a little while after setting it up, I started to notice this LGMonitorAppManager thing on my machine:

It showed up on its own — I never went to LG’s website and downloaded anything. It just appeared one day, offering to install “Dual Controller” and a few other LG utilities. I did not think about it too much at the time; I clicked the little x and moved on with my life.