Really weird. It should work just fine.
Seems to be a specific problem on your side.
We would need to dump a logfile to understand why it crashes.
I think it will not change anything but also try to install the latest DirectX 9 redist https://www.microsoft.com/en-us/download/details.aspx?id=8109
This is the complicated part because the game has nothing like that built-in, so you need an external debugger (e.g. https://x64dbg.com/) and watch what is going on. The easiest would be you download the source code from the linked GitHub repo (https://github.com/Memorix101/OpenC1/tree/xna3) and run the game with Visual Studio. When the game crashes, the IDE will show you the exact problem. If you can screenshot it, send it here, and I will take a look at it.
Using Windows crash report tools I've managed to determine that the crash is being caused by a System.IO.FileNotFound Exception.
Using x64dbg I've determined that the file in question is mscorwks.dll, Googling about it I found out that it is part of Microsoft .NET Runtime Common Language Runtime, which is part of .NET Framework, so I tried uninstalling all .NET Framework versions from my PC and reinstalling 4.7.2 only, to no avail, tried reinstalling all existing versions of .NET Framework, the problem persists.
I have no idea what is going on or why the file cannot be found.
Wow, nice, you got this far!
Let me check the source code, then I can tell you with which .net version it has been compiled. OK. The thing is, I truly believe that if you have installed the latest .Net Framework you do not need an earlier version. Well, the source code says (line 313: https://github.com/Memorix101/OpenC1/blob/master/OpenC1_MonoGame/OpenC1_MonoGame...) what you need is 3.5 SP1 (https://dotnet.microsoft.com/en-us/download/dotnet-framework/net35-sp1). So, if this fixes the issue, I have to correct the dependency list on the home page.