I believe the fight was rightfully stopped because Hamil could not continue fighting. I think the major discussion will be based on if this was because of Hamil's dislocated shoulder or because of the effects (the cut) from the illegal elbows.
I personally thought Hamill could not continue because of the shoulder as alluded by him with his brief interview with Joe Rogan after the fight. If this is the case I think it should be ruled a no contest (or even a win by Jones) because the injury happened prior to the illegal blows.
I also agree with the management that the referee (Steve Mazzagatti?) handled the situation incorrectly when he verbally asked Hamill if he could continue fighting. He should have asked for a translater to communicate with Hamill.