It is just a kind of objective collapse theory. Especially if vacuum decay is gravitational in nature (i.e. is triggered by massive objects). I've been thinking about on and off that since 2005 if not earlier - the many worlds look like the kind of stuff that could be utilized to make a theory smaller by permitting unstable solutions.
edit: to clarify: the decay would result in survivor bias, which would change the observed statistics. If a particle popping up out of nowhere prevents decay in that region, you'll see that particle popping up. Given that any valid theory with decay has to match the observations, it means that the survivor bias will now have to add up to what's empirically known. You can't just have this kind of vacuum decay on top of the laws of physics as we know them. You'd need different laws of physics which work together with the survivor bias to produce what we observe.
Very cogent comment. Why was it voted down?
Imagine that the universe is approximately as it appears to be (I know, this is a controversial proposition, but bear with me!). Further imagine that the many worlds interpretation of Quantum mechanics is true (I'm really moving out of Less Wrong's comfort zone here, aren't I?).
Now assume that our universe is in a situation of false vacuum - the universe is not in its lowest energy configuration. Somewhere, at some point, our universe may tunnel into true vacuum, resulting in a expanding bubble of destruction that will eat the entire universe at high speed, destroying all matter and life. In many worlds, such a collapse need not be terminal: life could go one on a branch of lower measure. In fact, anthropically, life will go on somewhere, no matter how unstable the false vacuum is.
So now assume that the false vacuum we're in is highly unstable - the measure of the branch in which our universe survives goes down by a factor of a trillion every second. We only exist because we're in the branch of measure a trillionth of a trillionth of a trillionth of... all the way back to the Big Bang.
None of these assumptions make any difference to what we'd expect to see observationally: only a good enough theory can say that they're right or wrong. You may notice that this setup transforms the whole universe into a quantum suicide situation.
The question is, how do you go about maximising expected utility in this situation? I can think of a few different approaches: