I looked at DVD Fab Player. It looks as if it sort of does the job, but there were issues with the software as well as intrinsic issues when playing on a Mac.
The Software
It does seem to do the basics. However
1) multiple times the disk which I was playing suddenly just closed so I had to reopen it again.
1a. there were delays as the disk was being read
2) On menus where are you supposed to click to invoke a specific choice? Mucking around on a menu trying to choose between 2D and 2D display caused the disk to close. On a dedicated player I'd just press the up or down button and the choice would be highlighted.
3) Only supports AC3?
Intrinsic issues
3) As above it is much easier playing on a dedicated blu-ray payer with a remote. On a Mac you can move the mouse anywhere on the screen, so how do you know where to click to invoke the menu item?
4. If you're on the couch and the Mac is playing the video across the room, how are you going to select menus, pause, change volume, etc.? You could use Parallels on an apple device, but that's really awkward. Having some sort of a remote mouse just seems very inconvenient.
The company
Website is OK. Quick look at reviews looked average.
Company seems to be based in China. These may be great guys, but Chinese companies have an extremely poor reputation for just closing up shop with no notice.
It looks as if it is a license and not a purchase - $40 for 2 years on a Mac. Not a bad price. But that's a perpetual cost.
Since this involves Blu-Ray decryption the player software is dependent I believe on having the right keys. The studios surely aren't happy about their ripping software, so are probably doing what they can to shut them down. Having purchased similar DVD software, I eventually ended up throwing away my money when they were shutdown. Being China where things are totally unpredictable ....
So looks as if it will play a Blu-Ray as they would play in a native Blu-Ray player, with some restrictions. Just be aware of the risks.