^^^^Almost the exact same thing happened during the Ken Shamrock/Oleg Taktarov fight in one of the UFC tourney finals (I can't remember which one off the top of my head). It was 30 minutes of Shamrock laying on top of Oleg, not doing much offensively. That boring fight is also pretty much the entire reason why I'm thankful that they later switched to 5 minute rounds, and also started standing fighters up if they weren't doing anything on the ground.
This was at the same UFC tourney where Tank Abbott laid out some 400+ pounder in the first round, and did so in dominating fashion. Tank may not have been the most well trained person in MMA, and he really had no finesse when it came to his fights. But he sure did make up for it in some of his highlight reel finishes.
As for the GSP/Hendricks fight, I honestly think Hendricks had him beat. I've re-watched the fight a few times now too, and each time I only become more and more convinced that GSP was completely outclassed by his challenger. Not once during his championship reign has St. Pierre been dominated like that either, which was so awesome to see.
But of course, if you can't finish your opponent before the end of the fight, you leave it in the hands of people who have a track record of questionable decisions. I'm no expert on MMA, by any means, but I do believe that they made the wrong call on that fight. GSP should've lost his title. There is no real point in bitching about it here though, because the decision is official and nothing will overturn it. I just hope that we get to see a rematch between those two at some point in the future, and that the both of them make sure to NOT let it go to a decision.
And I'll be honest here too. I USED to be a GSP fan. He is a phenomenal athlete, and will probably go down as the greatest welterweight champion in UFC history. But ever since he got caught by Matt Serra, his gameplan for his fights have been downright boring to watch. I mean it isn't like St. Pierre lacks the ability to finish his fights. He just chooses to play it way too safe out of fear he might get tapped on the button again. That's why every fight of his since 2009 has gone to a decision, and also why a lot of UFC fans are fed up with him as the WW champ.