Queue time can be affected but a variety of factors, how many people are playing, time of day, if you are trying Quick Play or Ranked, even the server you are on.
For Quick Play, any time is usually fine, and you should be able to get a match quickly. Though, it may be partially occupied by bots
For Ranked Play, prime time starts around 7PM PST. [needs confirmation]
When playing in a party, only the party host will see the time estimate.
If you are playing solo or are the party host, it is possible that there are not enough people free to play at the moment, or something technical might have gone wrong. Many people will try to close out of the queue and re-enter it when this happens.