PhotoLooks was discontinued prior to Photoshop CC 2015's release, so it is not technically compatible with that Photoshop version.
If you would like to install the last version of PhotoLooks (which was compatible with CC 2014), you can use the Color Suite installer which is found on redgiant.com/legacy.
The new render engine in Magic Bullet Looks 3.0 was updated to run on the GPU to provide faster playback and rendering, and while this process works well for footage up to 4k resolution, it does not scale to the potential size used for still photography. Coupled with that, our new engine no longer supports CPU rendering, which was the main rendering method used in Photolooks.
Our goal at Red Giant is to always offer unique products that are the best of breed in their respective category and provide real value to our customers. If any of our products do not meet this criteria, we either add new features or consider discontinuing them. PhotoLooks no longer meets our criteria and will be discontinued from our product catalog. We are committed to providing unique color correction applications for video editors and compositors and will continue to expand our product offering for our supported NLE applications.