`man hwdb`:
> # Hardware Database Files
>
> _\-- snipping unnecessary documentation details for this answer ---_
>
> The content of all hwdb files is read by `systemd-hwdb(8)` and compiled to a binary database located at `/etc/udev/hwdb.bin`, or alternatively `/usr/lib/udev/hwdb.bin` if you want ship the compiled database in an immutable image. During runtime, only the binary database is used.
`man systemd-hwdb`:
> `systemd-hwdb [options] update`
>
> Update the binary database.
You don't need to put this file in any `/etc/` version control, as long as you figure out when your specific distro runs `systemd-hwdb`. Search for any `systemd` units that could be generating this file at boot or at specific runtime trigger/action.
And, it's up to the distribution to choose if it will store this binary at `/etc/udev` or `/usr/lib/udev` under the name `hwdb.bin`.