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Indeed, this is another instance of the kind of outrageous waste that unnecessary meetings cause. They not only take up the time representing the duration of the meeting itself, they also take up participants' wind-down and wind-up time, not to mention the time it takes to actually physically move one's arse from one's desk to the meeting venue. Add to that the crap sense of punctuality here and you've got aggregate corporate waste in the tens of millions of man-hours per year.
If only people read and understand stuff, perhaps 80% of the time we spend in meetings will be freed up for more productive work -- or possibly get us out the door of our office at 5 pm sharp more often.
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