Upon inspection I see that the target element already has text-overflow: ellipsis; applied as well, so it seems it is already redundant.
Use of jquery.autoEllipsis was removed from the main search suggest interface in 2014 (56a4aff8ca61106c; T61172). I was surprised that it was re-introduced in the OOjs UI version of the search suggestions on the Special:Search page.
I'd like to deprecate and remove this module from MediaWiki core. It seems the use of it in mw.widgets.TitleOptionWidget is the last one in all Wikimedia Git repos.
Introduced in: rMW26edd30cc610: [BREAKING CHANGE] Merge in VE's link input functionality to title widget