I noticed this aswell. It's only really when Steward gets pissed off that Wlad goes for the finish. Most of his fights wouldnt go past the 3rd round if he went for the kill from the start.
Emanuel does that for the cameras. He's the one who trained Wlad to be a cautious fighter. When he was younger, Wlad did not lack killer instinct. He went after fighters every chance he got. Watch the Botha or Mercer fight. Young Klitshcko opened up and threw bombs early and often.