Recently, many users have been surprised as well as concerned to see a new Google Settings app in their Android app drawer which, on clicking, gives you access to previously hidden dashboard of settings.
The more aware of the lot may have suspected it to be another malicious app that you might have download by unknowingly clicking on a link but what has actually happened is a silent update to Google Play Services app.
As far as the topic of functionality goes, it doesn't have nothing new and is a shortcut to Settings -> Account -> Google options in a way, as it contains the exact same options, with the addition of Google+ sign-in options.
Although Google could have done quite much with this new app but this does open doors for them to incorporate some unique settings, toggles and options in the future. But for now it is just going to be another cute and pretty icon on your app drawer.