Had the pilot declared a Full Emergency would that not lead to an NCAA investigation as a reportable incident, sadly revealing the pilot/airline whoever to have been in breach of safety parameters. The result of which may have led to a suspension of his pilots licence.
Coming from a different discipline than your good selves I have noted in accident / incident investigations a general hesitancy to declare 'full emergencies' as for the flight crew it can be detrimental to career. All very sad !