This isn’t a part of the OS, but usually something installed by the user. No hwsetup.exe on my system. It could be something installed by a laptop manufacturer, etc.
http://www.processlibrary.com/en/directory/files/hwsetup/75026/
Many more hits on this file name in any search.

So check the msconfig/startup (Windows key + R and type msconfig and enter) to see what is starting it, and see if you can either uninstall it or stop it from running.