Let's say you represent (i32, i32) as an i64 from which the parts are extracted with lshr/trunc. Then, if you compare two tuples by parts you get something like A[0] == B[0] && A[1] == B[1], just that the part extraction happens by lshr/trunc and not a narrow load or similar.
The fold implemented here reduces such equality comparisons by converting them into a comparison on a larger part of the integer (which might be the whole integer). It handle both the "and of eq" and the conjugated "or of ne" case.
I'm being conservative with one-use for now, though this could be relaxed if profitable (the base pattern converts 11 instructions into 5 instructions, but there's quite a few variations on how it can play out).
clang-format: please reformat the code