There's a third aspect to that. Or maybe it's another ecology problem.
While I don't have the numbers, I strongly suspect there's not enough grass to feed all the humans the amount of meat they would like to eat right now. At least based on observing the prices of intensive vs grass fed, or watching the numbers for intensive production alone.
So if we want grass fed as the new normal, we're either going to have to intensify it back again, or we'll end up eating respectively less meat. That's near-vegetarianism or bust.