This was introduced in https://github.com/llvm/llvm-project/commit/030f02021b6359ec5641622cf1aa63d873ecf55a as an alleged compile-time optimization. In reality, trying to constant fold instructions is more expensive than just hoisting them. In a standard pipeline, LICM tends to run either after a run of LoopInstSimplify or InstCombine, so LICM doesn't really see constant foldable instructions in the first place, and the attempted fold is futile.
This makes for a very minor compile-time improvement: http://llvm-compile-time-tracker.com/compare.php?from=41c201aabe4220d6d2ff0a07c20e20e932dbac7a&to=057b5f1f3573ddceb04d9eb6fb9973358d53fece&stat=instructions:u