Yes it installs, but you won't be able to --sync anything from the overlays without dev-vcs/git installed. This has bitten me several times during fresh installs, so it should probably be an rdepend.
The purpose of this package is to help edit /etc/portage/repos.conf, it doesn't sync anything. The one that does sync'ing, supports various type of sync methods, and depend on things is portage itself.
It's similar to setting up for sync'ing main ::gentoo with git and then finding yourself missing git to do that. bug #726334 does suggest adding a USE=git among other things that would add this dependency though.
I have mixed feelings about this.
Yes, the vast majority of repositories use git. However, there could be users who use eselect-profile just for that one mercurial or rsync repository.
Perhaps a note after installation, similar to installing dracut? That way the user can be reminded to install git on their own if they would like it to support that.
That way no extra dependency is needed either.
In addition, dev-vcs/git needs to be emerged with USE=nls, otherwise the sync stage fails with:
fatal: bad object 0000000000000000000000000000000000000000
fatal: remote did not send all necessary objects