If I understood correctly, it's not that they disavowed Hangman but they feel like with the impending arrivals of Bryan Danielson and CM Punk, it would overshadow Hangman's title win. But from what I heard, everyone is fully behind Hangman; from TK to the EVPs.
Also, if I'm not mistaken, I think that Hangman and his wife are expecting a child shortly after All Out and he'll probably take a leave of absence so perhaps it's a timing thing, more than anything as well. I would personally prefer for Hangman to have been Omega's challenger at All Out but if it's delayed so that Hangman can fully have his moment, I don't have much of an issue with it.