IMHO the free throws aren't drastically reduced. I'd be interested in running the numbers on prior games to find out. I'll see if there's an easy-ish way to do that.
Here's a quick and dirty analysis.
Notes:
I looked at ISU's 9 conference games this season:
* Home games so I have a consistent pbp stat format
* Conference games because the non-conf home schedule is weak and I didn't want creampuffs to skew it
* This season only because the prior season used a different live-stat provider
I do not consider whether the foul was a shooting foul. I'm only looking at the timing of the fouls (1H 20:00-10:01 = Q1, 1H 10:00-00:01 = Q2, etc) .
Results:
Under the old system, the teams combined for an average of 5.33 fouls in the single bonus (one-and-one situation) and 2.78 fouls in the double bonus. Given an average of around 70% FT shooting (so 1.7 FTA per one-and-one), this leads to around 14.6 FTA per game combined for both teams (ignoring shooting fouls).
Under the new system, the teams combined for an average of 5.67 fouls in the bonus. This leads to around 11.3 FTA per game combined for both teams (again, ignoring shooting fouls)
So if there were no shooting fouls, there'd be 3.3 fewer total FTA per game (combined for both teams) under the new rules. I suspect shooting fouls would slightly lower that gap but not significantly.
Given ISU's propensity to not foul (especially at home), this gap is likely higher for other teams. I may find another team that uses the same stats provider and rerun the analysis.