It's almost impossible, without hindsight, to stop a fight at exactly the right moment. The referee is going to be either too soon or too late. Ask yourselves which of those two options you would rather.
When promoters. managers and fighters get a veto on officials then an inevitable consequence is that some officials will develop bias, subconsciously or consciously.
Who determines what qualifies as exhibition bout ? It is hard enough to determine what is or isn't a professional bout.
Eg. I have been to gym fundraisers where a pro fighter will spar exhibitions with 12, 13, 14 year olds, should we list them ?