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This is a feature that is currently available in the Shopping Campaign Builder 2.0, the Product Group Refresher 2.0, and the Shopping Attribute Bidder tools. It analyzes the attributes in the feed and the coverage of attributes across products. 

For example, it can tell you the number of brands in the feed as well as how many products have a value for the brand attribute. 

The feed analysis can help you decide on the campaign structure that will be most efficient based on the feed. When deciding on a campaign structure, select those attributes that have the highest coverage. This means they are defined for a majority of products in the feed. After choosing the structure in the Shopping Campaign Builder, the tool will tell you the percentage of products that will fall into everything else. This way you can change the structure in the Shopping Campaign Builder before uploading the ad groups and product groups to Google Ads. 

In the screenshot below, the column 'Products missing this attribute' will tell you how many products in the feed don't have a value for that attribute, and if you were to use that to split your feed, those many products will end up in everything else. 

For example, the attribute Brand has 49 different variations and the number of products that don't have brand defined is 0. This means it has good variation and full coverage so it is a good option to use. 

On the other hand, Custom Attribute 1 is not defined for 25,039 products so it is not recommended to use that to structure your campaign.

It is currently available in the Shopping Campaign Builder, the Shopping Refresher Pro, and the Shopping Attribute Bidder. Select the campaign from the left and click on 'View Feed Analysis'