If Hamilton's car had smoke coming from it, then he must have locked the brake (which quite often happens when a driver panic-brakes through not seeing something in time), which means it was effectively out of his control. Locked brakes don't do much for stopping power. The point of having a speed limit in the pit lane is so that drivers can stop quickly when needed. If Lewis wasn't driving in a manner in which that was possible, then either the speed limit in the pit lane needs reducing or he wasn't driving with due care and attention.
Rosberg, despite having less space to brake in, managed to scrub a lot more speed off - the relative lack of damage to Rosberg's car and the back of Hamilton's car compared to Raikkonen's and the front of Hamilton's car indicates that Rosberg was slower at the point of impact. Red lights at the end of pit lanes risk collisions, but only if someone isn't paying attention to what's going on round them or something very unusual occurs in terms of technical failure timings.