It's not 2 min max. It depends on the ring situation. Sometimes there are no spawn points. Sometimes your teammate can't get there. Sometimes they could (but don't or can't) recover your banner, or are clearly running away from the situation that caused you to go down. So there are a lot of situations where the game is holding you there, making you wait for no reason. Games should end when the outcome is clear.
I understand they don't want people to ragequit and ruin the experience for the rest of the team, but their solution does not handle that elegantly. If I forget I'm playing ranked and just ESC -> Leave then I get punished. It also increases each time (it seems... doubles?). It doesn't scale for the number of games I play in between. If I'm a low volume player who quits all the time I end up getting punished less severely than someone who plays all the time, and occasionally quits by accident. The incentives aren't as good as they could be for the behavior the dev's want to promote.
It should probably just be team-based reporting. If someone quits then your teammates should be able to report that it was a premature quit or not. The dev's can use some statistics to figure out who is ragequitting, and who is over-reporting.