As a practical matter, Hawaii basically had the choice of being taken over by the Americans or the British. If the British had taken over, Hawaii probably would have become a protectorate like one of the Indian princely states or Tonga, since the British would have recognized the continued role of the monarchy. As a matter of history, the first king of Hawaii, Kamehameha I, considered Hawaii to be a protectorate of Great Britain. That is why there is the British Union Jack in the Hawaiian flag.
As a practical matter, we should have removed the Hawaiians from the islands, liberated them. Outside of the tourist enclaves, it is a 3rd world cesspool.