I’d like to second this issue. My path is “D:\Application Files\Epic Games\UE_" and now it’s suddenly too long. Apparently “Program Files” takes bit less characters than “Application Files”. Of course I can install it on "D:\UEShort\UE_” but it breaks the order I organize things.
-note: the star (*) means the current version. Today being “…\UE_4.23”. I have UE_4.22 already installed in the same path without any issues, and never have had any until now.