There are lots of treatment modalities for poor oxygenation. HFNC, BiPap, nonrebreather, and of course ventilation.
From a healthcare standpoint, if ICU patients don’t require intubation, their length of stay in the ICU is likely less than someone who does. Unless they require pressors or some other indication to remain in the ICU.
Basically, I would argue we may see a large fluctuation of icu numbers up and down over the next few weeks.