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It's clear that they wanted to implement a percentage-based reduction in magic damage instead of complete reflection, and they took the easier route (reducing Special Power is simpler than reducing combat damage, which would require more in-depth changes).
What makes this clear? Without Spell Power, besides combat magic, summons and resurrection are quite overpowered (although there's a ring against resurrection in HotA). A mage with 1000 mana and a huge Special Power could easily overwhelm a simple warrior with summons. Now, there's some weakening of this tactic.