Microsoft Image Composite Editor is described as 'Advanced panoramic image stitcher. The application takes a set of overlapping photographs of a scene shot from a single camera location and creates a high-resolution panorama incorporating all the source images at full resolution' and is a popular Panorama Maker in the photos & graphics category. There are more than 10 alternatives to Microsoft Image Composite Editor for a variety of platforms, including Windows, Mac, iPhone, Linux and Web-based apps. The best Microsoft Image Composite Editor alternative is Hugin, which is both free and Open Source. Other great apps like Microsoft Image Composite Editor are PTgui, AutoStitch Panorama, PanoramaStudio and PhotoStitcher.
Just seems like an old Windows 95 application on MacOS.