First time I hear about this new AMD Feature in Radeon Settings. But according to AMD Privacy View webpage it mentions this: https://www.amd.com/en/technologies/AMD-privacy-view
The above Hardware Requirements it says it doesn't work on OEM based Systems. ASUS is a OEM based System so that is probably why it fails to install.
NOTE: It just mentions HP, Dell, & Lenovo but Asus is also a OEM based Laptop. They may have just mentioned those three OEM manufacturers as an example only.