I also think it’s likely they’ll just adjust the minimum cutoffs before they eliminate the automatic merit scholarships. Much of the appeal of the UA scholarships is that they don’t make you jump through a bunch of hoops to qualify. If you have the stats, and get your documentation in on time, they’re truly automatic.
Also, as many OOS students as there are (and 58% in the last class sounds about right), there are still a WHOLE lot of them who are full pay. It’s really a two-pronged (at least) admissions approach: Offer generous merit awards to high-stats students from all over the US and recruit students from wealthy school districts in states where the IS options are limited or very expensive or difficult to get into.