In the first fight, Ken was overconfident (he owns this) and was relatively inexperienced. Royce made him pay. Ken does have a legitimate grievance that they wouldn't let him wear his wrestling shoes but they nevertheless let Royce wear his gi. Not sure it would have mattered, but that rule/condition is pretty one-sided. 1-0 Royce.
In the second fight, Ken fought conservatively (he was afraid to lose again) but also believed that he could just wear Royce down over time and then have his way. People who trained with Ken said his cardio was, at that time, phenomenal. If the fight had had judges, Ken would have won. Had the fight been allowed to go on longer, Ken would have eventually mauled Royce, who could barely stand under his own power by the end. 1-1
The third fight, 20+ years later, is pretty much irrelevant. It sucks that it ended the way it did, but anyone expecting a classic was pretty uninformed.
Ken and Royce put the UFC and MMA on the map, are both all-time greats and pioneers of the sport, and their rivalry was compelling--so much so that they were able to leverage it for a huge payday decades after either was relevant anymore.