This appears to be a server emulator for the defunct MMO Need for Speed World. My guess is that need they need to spoof the TLS certs and install local host entries to get the original game client to work.
There is no need for the certificate installation with regards to any emulation functioning. Also, worth noting that this is an ongoing issue: this reboot of the game still has a decent daily player count and the CA installation concern has not been addressed, the launcher still does this.
(It's also not a server emulator, it's just a launcher for the game client, used by players of the game.)
This is just a case of them wanting to save money on code-signing certificate renewal fees.
Personally, I recently acquired a certificate from HARICA which costs $55 a year if you only buy one year at a time.