It removed user data content from logs, as it may (rightfully) contain sensitive information.
However, it looks like this change had no effect for multipart user data content, as it still makes it to the log along with any sensitive data it may hold.
I came across this commit:
https://github.com/cloudbase/cloudbase-init/commit/ae060c5a89f01d9e106653979480fc057c79bebd
It removed user data content from logs, as it may (rightfully) contain sensitive information.
However, it looks like this change had no effect for multipart user data content, as it still makes it to the log along with any sensitive data it may hold.
I think this should be looked into.