Alright, let's break this down.
First of all, the way you're wrapping (Pepper Roach's technique) is this:
http://www.expertboxing.com/boxing-basics/how-to-box/how-to-wrap-your-hands
This is great for amateur fighters, but these are pros fighting in a professional fight, so they have a pro wrap their hands. This pro is Stitch. Now, Stitch has his own method, which he uses on all fighters, and makes minor changes to this method depending on fighters' needs. So let's look at Stitch's method.
Basically, he uses gauze and tape. SOP for the pros, as you're not allowed to use anything else. He wraps the gauze around the wrist, the hand, and the knuckles. He uses a roll of gauze for all fighters (guys with big hands like Lesnar use 1.5 rolls, girls with small hands use a little less than a roll, but the majority use a roll). The gauze is folded a number of times on the knuckles as padding, as he can't use the "pads" that boxers use because of the smaller gloves. Then he finishes it off with tape around the upper part of the hand and the wrist to protect the bones.
Now, here's where the "tapout" vs "knockout" comes into play. In the "knockout" version, he tapes the upper part of the hand and the wrist longitudinally, before finishing it off normally. The theory behind this is that it makes everything tighter, and offers a bit more bone protection, and keeps the wrist straighter to transfer more power. The "tapout" version still has a lot of support, but allows a little more flexibility of the wrist and is a little looser.
Now, Stitch can fine-tune this according to fighters' needs, but the method doesn't change. He can add a little more tape to support injured or prone-to-injury bones (Bisping needs this on his right hand), or he can add a little more padding to the knuckles. But these are minor changes, as the gloves are small so he's limited to what he can do.
So, the "knockout" vs "tapout" are really the same handwraps, with just a little adjustment. Basically, which version to use comes down to the fighter and what he feels is best. They're both pretty good at protecting the hand. According to Stitch, the most common cause of hand injuries are punches that land at a weird angle on top of the head, usually as a result of wide, looping hooks. So a fighter who has/is prone to hand injuries or uses a style which has a higher risk of hand injury or just plain prefers a tighter feel will use the "knockout" version, and the rest basically use the "tapout" version.
Here's a video to show you the method:
[YT]bKR41ah9GNs[/YT]
You can see the longitudinal tape which makes it a "knockout" version. Basically, the "knockout" and "tapout" names are just a cute way of asking what kinda style (tighter vs looser) the fighter prefers that are designed to get a fighter motivated. Instead of saying, "loose or tight" you say "knockout" so the fighter gets pumped up and clams his nerves.
As you can see, it makes no difference to the actual game-plan of a fighter, and it makes no difference in terms of padding really. It just tightens the bones to reduce the risk of breakage. You can also see that it's really not custom at all, just fine-tuned to a fighter's wants. The biggest change to this is that some fighters have asked him to not do the thumb, but he talks them into doing it as it's important. "Tapout" will work anywhere, so will "knockout." They also don't change the number of injuries, as handwraps don't eliminate fractures, just reduce them. You can break your hand with either wrap, and if there's any difference in them it's the feel. Anything else is a theory/placebo.
To answer your question, guys like Bisping always use the same style, cause of injuries. Other fighters might change from fight to fight depending on injuries.
Finally, your claim of padding reducing power is pure bullshit. You cannot put enough padding on your hands from handwraps to reduce your power noticeably. You claimed Hendricks' handwraps were too thick and robbed him of power, but we've already proven that as bullshit. Then you claimed other fighters have complained of thick handwraps affecting grappling and punching power, so I'm gonna ask you for proof of that? Considering that Stitch wraps like 98% of the fighters' hands, it's difficult to believe, especially when he himself has said no fighter has complained about his handwraps yet (I guess besides Hendricks, which we've proven was an excuse for his lack of performance). With the small gloves the UFC uses, it would be impossible to put so much padding that it interferes with fighting. You gotta keep in mind that an MMA fight can go to the ground at any time, so the "knockout" wraps still work quite well on the ground. Boxers, due to the large gloves, use much more padding and there's still no report of loss of power. In fact, they still get bruises and fractures, even with all the padding. If it caused loss of power, then boxers wouldn't try to cheat by using illegal padding.
Remember, the purpose of the wraps is to protect your bones. The glove padding is what's responsible for the power.
TL;DR: "Knockout" and "tapout" wraps are really the same with one minor change. Your claim of padding reducing power is BS.
TL;DR of the TL;DR: You have no idea what you're talking about.
Let's face it though GG, that was always a lame duck excuse. Nice to hear it vindicated by Jonesy himself though 
