I do not think that the fall in CO is all due to failure to compensate for reduced TPR.
CO: HR X SV.
in neurogenic shock, there is a loss of sympathetic outflow (if the lesion is above L1). As a result:
HR decreases (bradycardia) because of a reduced sympathetic drive and an unopposed parasympathetic outflow (via intact vagal nerves) to SA nodes
SV decreases; as you have correctly pointed out, there is a reduction in venous return because of peripheral vasodilation and blood pooling away from the heart