There is a really good reason why we have this "long" timers for loot, newbies are watching cutscenes obviously and with a timer taking 1min or even less another party member can just open the chest etc. and the newbie don't have any chance to roll for it.

Some people maybe also need some time to decide what they want or need, reducing the timer to 1min or less will just cause people to just need and greed as fast as they can without thinking about it, because there is no time for that. Waiting 5min for the loot is really fair in my opinion, could be way worse.