I don’t live in New Mexico and don’t know if the colleges are behind this idea, but if it passed and resulted in an upsurge in college enrollments, for sure the college administrations would want to keep that additional money...which would mean pressuring the faculty to give passing grades to students who are not capable of college-level work. Or maybe I should say, pressuring the faculty to give passing grades even more than now.
Remember, if they make it mandatory to go to colleges then they are obligated to provide the funds for them to do so. You will see a big increase in government guaranteed student “loans”. The colleges take the money, the student defaults on the “loan” and the taxpayer gets stuck with the bill. It’s a pure payoff to academia.