It was created to solve the painful problem of aligning / re-aligning a pivot point. When an object is created from a mesh of another object, it inherits the pivot point. This becomes a problem when we are applying modifiers like mirror and array. This tool is created to quickly align the pivot of an object to any edge in the mesh of the object. 

What for?

To align pivot point of an object

Features:

aligns pivot point axis to one (partial) or two (complete) edges 'in' the object

quick pop up menu after initial creation lets you quickly tweak the alignment to your desired direction

Versions

created in blender 2.91

v1.15 fixes some errors,  and now the secondary axis does not need to be at 90 degree to the primary axis. Axis will be aligned to the plane between two axis. 

v1.20 Fixed some cases where align pivot was not working.  Also added option for add-on menu location in mesh edit menu. Also renamed the add-on. 

v.1.30 added Outset.

1. mesh in edit mode, inset using blender standard inset (I)
2. right click > 
3. 
4. change outset value in the dialog (left lower part of viewport)
5. flip the face of newly created faces 
6. delete the face in the center 
7.