OTOH it's not like Gus was beating the tar out of him the rest of the 4th round either. Gus was edging it out. He landed more shots, but none were flush. And Jones landed plenty of flush kicks and jabs.
And starting at 1:10 left in the round, Jones handed a solid leg kick, solid head kick, 2 elbows, 2 spinning elbows, backed Gus up, secured the thai clinch, knee, elbow, elbow, won a clinch battle, landed 2 more elbows off the cage, and with :11 seconds left Gus was a bloody mess and looked ready to fall over. Jones then got one more knee to the body as the round closed.
I think the refs got it right. What happened in that last 70 seconds was more impactful than the rest of the round combined. Start at 22:22 of this video: