Well, to a panpsychist, there's no reason why "conciousness" would need to stop at a human scale. The universe as a whole might be concious, and part of that concious experience might be isomorphic to the subjective experience of the brain that's being replicated on those pieces of paper. Though I can see how people might object that this is merely conflating "conciousness" with "computation", that's really inherent in what the thought experiment is doing.