The link from the IrfanView website to the version of IrfanView packaged for installation on U3 devices points to an out-of-date version.
I have used Eure's PackageFactory to create a U3 installation package from the version installed into the Program Files folder on my computer, minus the Uninstall executable (not required for U3). This is a version with the latest 4.22 plugins.
I have installed it on my SanDisk Cruzer data stick and it seems to work. I have uploaded this installation file (Irfanview.u3p) to Humyo. This is the link: http://www.humyo.com/F/3418541-315200935. Feel free to download it if you want to give it a try.