Not commenting on Bailey’s strategy specifically, but I don’t see an issue with guys taking neutral if down 1-0 in the third (particularly if the other guy got his escape quickly).
You still need a takedown to win unless you’re counting on going to tiebreakers, and I’d say there’s usually a better chance of getting ridden for a minute then going to tiebreakers. And of course with 3 point takedown you can get a takedown and give up an escape and win.