There's no dependency on PowerPoint for that dialog/feature, and I have not observed that behavior on multiple installations of Windows 10.
Curious issue though. Please comment if you see it elsewhere or if you get blocked by similar issues. Sounds like you are able to move past it in this case.
It might be due to a problem w/ the specific version of the .NET framework that you currently have installed for your installation of Windows 10. If that is the case, it could resolve itself after future Windows updates, if/when the .NET framework is updated on your machine.
Worst case, as a work-around for this specific dialog, you could manually enter the directory path (or copy/paste) into the text box, and avoid the Browse button altogether, but it sounds like you are able to use the button still, despite the label issue.