The lockout timer is basically there so people can't jump in and out of groups as they please until they find one that suits them. It also makes people try to work through wipes instead of just dropping at the first wipe. So yes there is a point to it. Rewarding people who rage quit is just silly. 45 minutes for two bosses in WP is plenty tbh.

Can't say why you were wiping since don't know the party set up or what was happening. That second boss is ridiculously easy though. Especially if you have a WHM since they can kill the adds on their own while the DPS focus on the boss.