why wouldn't it be a hash of the download URL only?
It would be interesting to have a hash of a file that could identify embedded data but exclude private data. For instance, for a Microsoft Office file it would include hashes of embedded binary assets but exclude the text of the document.
I can't say I've inspected Chrome specifically in Wireshark, nor looked at the code, so I will refrain from making any claims; I simply don't know.