Yeah, I'm thinking Io retains if just for the fact that this seems like a character refresh for her, plus even if Raquel wins, where does she go from there? She's already cleared out the entire babyface side of the division outside of Io.
I'm sure someone will make a remark about Io being in the same position, but it seems pretty clear that they are still building up more heels (and there are zero credible babyfaces being built up), and I think Frankie/Taya will be a heel as well. Plus with Tian Sha basically winning what amounted to a handicap match indicates they are going to be moving up the card to take on Io soon.
Yeah if Raquel wins the belt she can feud with Shotzi and Ember if they leave the tag division, Tegan if she comes back soon, and Dakota if they turn her face. There seems to be more feuds they can do with Io as champ, plus she's kind of a tweener who can feud with anyone.