What do the Settings options do and what do they mean?

From the setting menu you have a variety of options shows in descending order:

• Change language: This will change the language your game is displayed in
• Movement Settings: This will allow you to turn on or off smooth locomotion or smooth turning
• Volume options: Allows you adjust the volume of music, sound fx, voice, and web player. “Music” is the background music, “Sound FX” are what happens if let's say you got a strike, “Voice” is the speaking volume of other players in your party, and “Web player'' is the jukebox that allows you to play music. 
• Show Oil Pattern: Checking this box will show the oil pattern on the lane.
• Show Throw line: Checking this box will show your throws path after a ball was thrown. It's a rainbow colored line that goes from your hand when you released the ball and follows your ball’s path.
• Show Palm Selector: Checking this box will show your palm selector point. It is a white line that extends from your palm. You can interact with certain objects with the palm selector. 
• Bumpers: Checking this box will turn on bumpers. Unchecking this box will turn off bumpers. 
• Grab Button: You have three options for grabbing a ball grip, trigger, or both. We recommend trying each of these options to figure out which you like best. “Grip” is the button closest to the floor on the front of the controller, “Trigger” is the button above the “grip” button on the front of the controller. By selecting “Both” you can grab with either or both buttons. 
• NPC Population: You have options for NPCs (the characters that are around handing out in the lanes) “none” or “max”. If you put the slider at “max” you will see all of them, if you put it in the middle you will see some of them, and if you put it at “none” you
• Player ID: This is your player ID. It is helpful when talking with support. 
• Client number: This is what game version you are on and can also be handy when talking with support.