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What’s the consensus on how these two interact? My take is that DR isn’t ignoring wounds, so it would reduce the damage. Thoughts?

Do you have some rules quotations?

RAW it seems pretty clear that DR wins this interaction (which is ridiculous in my opinion but whatever) whereas the 8th edition version would have been ignored

DR is a mechanic that reduces Damage, not one which ignores wounds. Drain Life has no effect.

From battle scribe:
Drain Life - Each time this model makes a melee attack that is allocated to an enemy model, that enemy model cannot use any rules to ignore the wounds it loses.

Disgustingly Resilient - Each time an attack is allocated to a model in this unit, subtract 1 from the Damage characteristic of that attack (to a minimum of 1).

Yes, DR would reduce the damage from the wounds. You aren't ignoring the wound, only reducing the damage it does.

Yup, the new DR is just another in a long line of GW wording rules to ignore a previous rule so they get to ignore a rule that ignores a previous rule.

Reducing Damage is not the same as Ignoring Wounds. The halving effects from Calgar's Armour of Heraclus and the reduce by 1 effect from a Wave Serpent's Serpent Shield also help against Drain Life.