Is any other hyd components working correctly, such as steering, loader, etc.
The 3pt, once lifted, and the lever placed in neutral, in supposed to be held in place by the cyl and the spool.
If the 3pt just dropped, then maybe a piston seal let go. The rest of the hyd system could be OK.
Did you accidently hit the the 3pt down lever?
Did you hit a bump and the un sprung weight add to the weight of the bush hog.
There is a safety valve in the 3pt circuit.
When using the 3pt for bush hogging, and you have set it for a certain height, if you then put the lever into neutral, the pump fluid is now passing through the 3pt valve at low or no pressure.