It can be useful to have a list of the keywords that have been applied to images but Photo Mechanic does provide an option to output used keywords to a file.
However it can be achieved with a little work, I am on Mac but you should be able to do similar on Windows.
I still have a working copy of Photo Mechanic Plus which I used but the method should work with Photo Mechanic.
1: Display and select your images in a single contact sheet. In PM+ it is simple to display all files. In PM you either have to select each folder in turn or use a Spotlight query (if on Mac).
2: Go to the menu File > Export and enter {keywords} into the middle entry field and press export.
3: The output will contain the keywords from every selected image, one image's worth per line. Note that this process took thirty minutes to output keywords from 158, 000 files.
4: Now the work begins. Load the file into a decent programmers text editor. I used BBEdit which is really fast.
5: run a search replacing every "comma & space" with a new line character (\n). This will place each keyword on a line of its own.
6: In BBEdit there is an option to remove duplicate lines. Use it and the result is an unsorted list of the keywords that have been applied to your images.
S