I've done this as a 60 and it took about seven minutes to complete , however if you are NOT a 60 you get put into a queue with lower levels from 50 to 59 and the time changes to 20 minutes or more unless others are doing damage as well.
I feel they are getting worse because every new season adds more stuff you need to purchase to use your c-store item. All items need to be available on the exchange because it is quite difficult to spend zen on a ship that doesn't have potential unless you get the other matching ships with it or an upgrade.