That's one of the two main schools of "discipline" in boxing. Guys who don't have the footwork, speed or "vision" to see and create angles are referred to as "in fighters". You might laugh at their lack of finesse, but the mental weight of letting a guy who is very strong on the inside get in the pocket against you shouldn't be underestimated.
By the same token, setting these guys up with angles using footwork and speed can break them if you pepper them, as you mentioned, with long and sharp jabs. This can create openings for bigger shots.
I miscalculated the money too, betting for Machida was -350 so it's like 28 and a half cents on the dollar. Still not very good odds, because despite Machida's outstanding chance to win, upsets are too common: the small gloves, and legal use of strikes from the clinch (like knees) mean the contest can turn very quickly.
I always wanted to learn Shotokan karate (my background is TKD with some boxing and now grappling I'm learning), but that was just because I was a fan of the Street Fighter franchise
I think Machida's greatest asset is his defense; while he is good at setting up his combos and shots with footwork, positioning and timing, his ability to use those to elude being hit is outstanding.