InstCombine folds instructions with irrelevant conditions to undef.
This, as Nuno confirmed is a bug.
https://bugs.llvm.org/show_bug.cgi?id=33409#c1
Given the original motivation for the change is that of removing an USE, I suggested to just fold to a constant instead (which seems to reach the same goal without side effects).
Fixes PR33409 (which also contains a more detailed discussion of the bug).