That is an interesting idea I've never considered. Many times when a fight ends you can see that one fighter has turned the corner and seems to be taking control, if only the fight had continued.
I am in favor of more draws than we currently have. If a fighter is not knocked out or submitted there isn't always a clear winner. If one fighter is dominant they should be declared the winner but a large number of fights can be seen either way, so why not chalk it up as a draw? That would be an incentive to either clearly dominate or finish the fight.