I'm Suburban NZ.
Just checked the queue now, (all five Sydney servers, 10pm Monday NZ time). Waited 10 mins in queue on first server, peaked at 9 players, but hovered around 5. Checked the queue on the other four Sydney servers, just in case one of the servers was the problem, but the queues were the same, as was probably to be expected.
So yeah, dunno if it's area based or what. It'd be nice to know if there are other OCE players (here's hoping they exist) that DON'T have this problem. Would probably rule out whether it's affecting certain players, or whether the region truly is this dead, which would baffle me if it were the case.
I refuse to believe (until proven) that there are fewer than 10 people in the entirety of the OCE region searching for a ranked game, at peak hours on a Monday. Especially given unranked queues are easily under a minute at basically any time from memory, (although I don't know if the way matchmaking works is the same between ranked and unranked).
https://www.reddit.com/r/apexlegends/comments/dmfd5z/highest_ausoce_playerbase_server/
Also found this above, which complains about the same problem, only five years ago. There's more examples than just this of course, but this is just to illustrate the point that this really needs to be looked into.