I’m not an expert at reading Process Monitor output yet but I do have a suspicion. Perhaps you can try the following and let me know how it goes.
FIX D3DCOMPILER_43.DLL
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Download the Dx11 redist from here: https://www.microsoft.com/en-us/download/details.aspx?id=8109
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Find and backup your current C:\Windows\System32\D3DCOMPILER_43.dll. You can do this by renaming it to D3DCOMPILER_43.dll_BACKUP
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Install the DirectX11 Redist.
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Check to make sure you have a new D3DCOMPILER_43.DLL
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Try running the launcher.