SQL Server 2016 continues with Master Data Services. And whether you find it useful or not, if you move forward with both the installation and setup of MDS, there is a good chance you'll get a notification that MDS was not installed properly.
If the installation and setup problems focus on IIS, then all you may need to do to get MDS up and running is to add them using the Server Manager in the Add Roles and Features section. Once you have added the necessary components, startup the MDS Configuration Manager. If you still need some additional components, add the items and restart the MDS Configuration Manager (be sure to close out the configuration manager).
For a detailed listing of troubleshooting items for MDS, refer to the TechNet article SQL Server Troubleshooting: Master Data Services Installation and Configuration.