Your phone connects to a mobile network (Verizon, T-Mobile, AT&T, Vodafone, etc.) using a small configuration file. The (like 50.0.1) tells you which version of that file is installed.
Why would Carrier release a 50.0.1 patch? Based on technical release notes from Carrier’s dealer portal (which we have aggregated for this report), this update focuses on three core areas: communication stability, sensor calibration, and energy reporting.