Bake Key Frames To Shape Keys converts an object's bone animation into a sequence of shape keys, with one shape key transforming into the next on every frame. Once baked, the animation carries no bones — it's stored entirely as shape keys, so you don't have to worry about bone hierarchy when exporting the result to other software such as Unreal Engine. The developer compares the approach to baking geometry to Alembic, except the result can be stored in .fbx, a format generally better supported for animation than Alembic.
Using it follows a short path: select a mesh object with an armature modifier driven by the animation, then run 'Bake Frames to Shape Keys' from the shape keys menu, or find it through the F3 search. The addon produces shape keys for each frame. The developer uses this for cinematics — animating in Blender, then baking and bringing the result into Unreal Engine as a Skeletal Mesh — and notes it can also bake animation inside Blender to keep it intact.
Released under the MIT license, the addon ships with documentation. A recent update optimized the baking mechanism, reported as roughly twice as fast, and addressed breaking changes for Blender 4.4.