It currently lives in KConfigWidgets because it uses KSelectAction and KConfig.
The way it uses KSelectAction looks wrong to me, it should be able to do the same with a pure QMenu.
It used KI18n for two translated strings, but it should be possible to use tr() instead.
The usage of KConfig could be replaced by e.g. QSettings since we don't store config but state and thus the advanced features such as cascading and immutability are not needed.
Assuming that QMenu will go to QtQui, which is planned, possible destinations could be KGuiAddons (assuming we get rid of KConfig) or KConfigGui