Bake Shape Keys is a Blender add-on aimed at animators and artists who work with shape keys and shape key animations. It handles duplicating, merging, and splitting shape keys, and bakes shape key actions with correct interpolation, step, and frame rate, many of these operations available with a single click. The add-on automates Blender's shape key workflow so animators can focus on animating.
It was originally developed for stop-motion production, so it includes tools for creating and managing 3D-printable replacement parts for puppets. Its general shape key features are also useful for modelers and sculptors who want to work more non-destructively. Bake Shape Key Action works similarly to Blender's default Bake Action, which doesn't support shape key animations, keyframing values for all shape keys on each frame with precise control over frame range, step, and interpolation.
Operators related to shape key animation sit in the Object - Animation menu in object mode, while the duplicate, split, and merge tools live in the Specials menu of the shape key panel in data properties. The developer references a Blender Conference presentation explaining the concept.