I didn't realize either.
Seeing as i haven't updated many products recently other than VSE I would hazard a guess that's it related to either the VSE 8.8 patch 2/3 i imported or the new agent.
Sounds legit. I have it too.
This is the new module which is integrated with ePO 5.0 and is meant to collect usage information of McAfee products. The name of the product is McAfee Product Improvement Program.
Customers have the option to turn off usage information collection if they so choose by either configuring a setting under serve settings or via policy setting for groups or individual systems. The content is the set of rules that are provided to help gather the data. If you do not have the Telemetry client installed then this update option is of no consequence.
Hope that helps.