In the "Version Management Tools" chapter of the EDK documentation, it is mentioned that these tools consist of a "Format Revision Tool" (revup) and a "Version Management Wizard". The documentation only shows the command to run the "Format Revision Tool" (revup) which only updates the XMP version numbering and syntax. However, revup does not update the IP cores of the MHS file.
The "Version Management Wizard" that updates the IP cores only seems to run from the interface.
Run the Version Management Wizard from the command line as follows: