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In case you're like me and somehow dropped a new bgfx-enabled MAME compile over top of a MAME 0.170 release directory before the release of MAME 0.171...

- you need to have a /shaders folder, and populate it with the shaders from here: https://github.com/mamedev/mame/tree/master/shaders (easy way: check out the source or download the zip: https://github.com/mamedev/mame/archive/master.zip)

otherwise if you do not have a /shaders folder, but have a MAME with the new bgfx feature, currently MAME will crash if you try to run "mame -video bgfx"

Duh. :P