I found what this process does, it is used for PRL and Profile updates. I did not check Firmware Update option but it might also do that. I keep it frozen when not in use so I have one less useless service running at all times.
Keeping it disabled might also stop any automatic OTA updates.
I use Titanium Backup to do that, it prevents the process from running but it does not delete it. It issues a "pm disable com.hp.mvpdm" to freeze and later "pm enable com.hp.mvpdm" to defrost. You can also do this to any process through the terminal. You will need Root to be able to do it either way.