I can see why Iowa fans would want to drop the ISU game based on the last few years. They performed well and had solid records, but were hurt by a soft schedule. Unfortunately for them, they are in the weaker half of the B1G and only see 2 or 3 quality conference opponents every year. But they dont have say over the conference schedule, so they are looking at the non-conference for potential way to bolster the schedule.
Most the Iowa fans see ISU as a weak P5 opponent that doesnt bolster the resume, and based on recent history they arn't entirely wrong. The problem is if they are so concerned about SoS, they have 2 other non-conference games that they could be using to try and schedule better quality opponents. This year they have Wyoming and North Texas, both at home. Last year they had Miami (OH) and NDSU, which they lost. 2015 they played Illinois St. and Pitt, and had a shot at the Playoff if they won the B1G Championship.
ISU isnt the problem on their schedule, its their conference. But they cant fix that, so they are looking for an easy scapegoat, and "little brother" is an easy target. Giving up this game won't magically fix their SoS. It will be just another lost tradition in the world of College Football.
Now, I stated earlier in the tread, I think both schools would be better served to move the game to the end of the season. Play the game Thanksgiving Weekend, and give the game more meaning to both teams. Some years, it could be the end of the season, some there could have a team trying to become bowl eligible, or a team vying for a playoff spot or NY6 Bowl. But I believe that if you add more consequence to the game, give it more meaning in the context of a season, it could grow to be something special in College Football.