are you running as an upgrade? or are you running a task to uninstall the previous 8.7 version and when complete install the new 8.8 version?
I ran into a very similar "1603" issue when moving from HIPS 7 to HIPS 8 (RTW). I was told it was a bug in the Windows Installer and that I should wait until HIPS 8 Patch 1 which is supposed to rectify the issue. In our case, the software was removed automatically as part of the in-place upgrade, but then the error occurred on installation of HIPS 8 and rolled back - leaving the system without any installation of HIPS whatsoever. Obviously not ideal...