I agree with the OP. As I suspected based on the release notes, the reduction would go too far. I did a quick comparison of loot.xml 20.0 vs 20.1 and it shows more than 50% reduction. I had a few yellow bag drops today and it was just sad.
To folks talking about saving ammo by using melee and crossbow - of course, but that only works on single-ish targets. When you are hit with an endless screamer horde at night in wasteland PoI, you need tons and tons of 7.62 ammo. The most common 9mm ammo is only marginally useful there. Radiated zombies don't readily die to 9mm headshots, even with the maxed SMG/perks.
Same goes for the horde nights. If you just want to outlast it - sure, not much ammo needed. But if you want to kill as many as possible, ammo is your best bet.
On the bright side, Acid now drops all over the place. I expect it to be adjusted the other way in 20.2.