I agree with you.
I remember waiting two weeks for the Imperial Dragon Armour. The horror!
Thats one example.
As stated, I think that the engines have evolved enough for it not to talk that long, or even be a bit faster.
I understand that the scripts need time to load, assuming it is how you say.
It could work like this, the wait time goes on very fast, and depending on the scripts it needs to load, it could have a loading screen. Personally I think the prospect of the wait bar being the loading bar is frustrating, and doesn't make much sense.
Its a mental thing, I would just take the waiting much easier if it was in an actual bar, not short intervals that hardly tell me how much time is left