Is there accessibility improvements being worked on for this?
Because of the ease with which an icon can be created that has unreadable text/images, we are recommending the tool not be turned on until the icon maker is capable of mitigating this risk during the creation process.
As an example of other similar checkers: https://www.npmjs.com/package/color-contrast-checker
A potentially simpler option would be to restrict future color picks based on the initial color picked for the background shape.
While we are on the subject of potential accessibility improvements, the tool could have the Alt Text automatically fill in with the icon’s “Text” should the former be left blank.