I tend to agree with all of your points but I think the refs do a good job. Its gotta be tough to know when to stop a fight, its alwaus either too early or too late but rarely ever perceived as just right. However I think they get it right the majority of the time.

These guys put their lives on hold to train for these fights and want to be given every chance to win the fight even if that means eating a few more blows while they try to recover or defend against the blows.

Imagine how bad it would suck to train as hard as they do for 12 - 16 weeks, blood sweat and tears only to have the referee stop it early and then fighter gets cut for losing. Tough situation.