This is really a known bits style transformation, but known bits isn't context sensitive. The particular case which comes up happens to involve a range which allows range based reasoning to eliminate the mask pattern, so handle that case specifically in CVP.
InstCombine likes to generate the mask-by-low-bits pattern when widening an arithmetic expression which includes a zext in the middle.
STATISTIC(NumAndMasks, "Number of constant low-bit-masking ands dropped");