A Reddit user tested the theory with two Steam accounts, and it turned out that with all DLC installed, the game runs at higher FPS.

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A Reddit user discovered that Monster Hunter Wilds runs at higher FPS when more DLC is installed. Testing across two Steam accounts confirmed the theory: the game's constant DLC verification checks cause performance drops. The user created a mod that tricks the game into recognizing all DLC as owned, which immediately improved FPS. The findings were sent to Capcom support and picked up by Digital Foundry for further investigation.

Monster Hunter Wilds Reportedly Runs at Higher FPS with DLC Installed