The Android version of Media Player is only available bundled with hardware and is known as "DVDFab Movie Server" (DMS). I've not seen any info indicating that they are planning to unbundle this, but I suppose anything is possible given a long enough timeline.
I don't own a shield but I hear good things about them.
I do own a DMS, and it's great with full support for opening ISO files displaying DVD and Blu Ray menus. It supports 4k, but I don't have a 4k projector to vouch for it. And it also supports DTS-X and Atmos if the source material has it.