The subject heading should say most of it. However, with the Elder Cipher, you are able to select the gun you want initially and then upon receiving the gun, you can make your final decision. With Exotic Bounties abandoning and their respective vendors just providing the weapon, how will Variks work when providing the Elder Cipher weapon?
It doesn't say they auto abandon. It says they auto complete. For every exotic bounty that means going to hand in the bounty and receive the weapon. For the Elder Cipher that means you go to Variks and choose one of the three.
It should work the same. Once the update goes live the bounty will auto complete and you should be able to go to variks and choose your weapon.