Yup. The main thing about Light Party formations/queue is that you don't have to adhere to the Melee + Ranged + Healer + Tank combination.
Also that nobody enters it randomly really, so it's basically a wintrading ground.
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One of the major things that Square will have to do to fix these problems is one of two things. 1) Bring out content that will bring more people into the PvP gameplay and 2) Open up the Battlegroups so that there is a larger pool to pull from.
These are the two options that are going to fix the current 40minute queue problem that is occurring.
The MMR system or algorithm that Square is using to place people into games based upon Rank is a bit awkward as well and would need some reworks.