There are already subsidies which incentivize the production of cattle. Just like with corn, if demand goes down, they'll just find a way to use cattle for something else (like turning it into feed or some energy source). The average citizen has very say in macro-economic supply chains.
I highly doubt ranchers would turn to grinding up beef herds just to make more feed. They would just grow more forage/feed crops. But they really wouldn't since it's the beef that needs the absurd volume of feed, so ideally they would just go out of business.
Source: https://www.epa.gov/ghgemissions/sources-greenhouse-gas-emis...