The reality is, Taylor should've won the fight as Chavez had no time to even knock him down again. The fight was essentially over when he got up. That said, it was the right stoppage because Taylor didn't respond. Even though I believe he was distracted by Duva, and could've responded but didn't.
Taylor didn't respond when asked by Steele not once, but twice in his face if he was ok. Add in the fact that Meldrick had to steady himself with both hands holding the ring ropes once he got himself in a standing position indicates he was not only disoriented mentally, but also not physically able to continue...No doubt about it - No response and body language = Taylor seals his own doom. In no way Richard Steel's fault.
Too bad he didn't ask him one more time..then the round would have been over. That said I'm okay with the call, a fighters safety should always come first.