When CNO is managed by Hypershift, it's deployment has "hypershift.openshift.io/release-image" template metadata annotation. The annotation's value is used to track progress of cluster control plane version upgrades. But multus-admission-controller created and managed by CNO does not have that annotation so service providers are not able to track its version upgrades.
The proposed solution is for CNO to propagate its "hypershift.openshift.io/release-image" annotation down to the multus-admission-controller deployment. For that CNO need to have "get" access to its own deployment manifest to be able to read the deployment template metadata annotations.
Hypershift needs code change to assign CNO "get" permission on the CNO deployment object.