It's not an upgrade code but a Product ID. Technically it is a GUID (globally unique identifier). It is virtually guaranteed to be different each time a new one is generated. This Product ID is stored inside the Build Spec for your executable. If you create a new Build Spec this product ID is each time newly generated. If you clone a Build Spec, the Product ID is cloned too.
The Installer stores the Product ID in the registry and when installing a new product it will search for that Product ID and if it finds it it will consider the current install to be the same product. It then checks the version and if the new version is newer than the already installed version, it will proceed to install over the existing application. Otherwise it silently skips the installation of that product.
Now, please forgive me but your approach of cloning Build Specs to make a new version is most likely useless. As you create a new version of your application you usually do that because you changed some functionality of your code. But even though your old build spec is retained, it still points to the VIs on disk as they are now, most likely having been overwritten by your last changes. So even if you go back and launch an older build spec, you most likely will build the new code (or maybe a mix of new and old code, which has even more interesting effects to debug) with the only change being that it claims to be an older version.
The best way to maintain a history of older versions is to use proper source code control. That way you always use the same build spec for each version (with modifications as needed for your new version), but if you need to, you can always go back to an earlier version of your app.
A poor mans solution is to copy the ENTIRE source tree including project file and what else for each new version. I did that before using proper source code control, also zipping the entire source tree up but while it is a solution, it is pretty wasteful and cumbersom. Here again, you don't create a new Build Spec for each version but rather keep the original Build Spec in your project.