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I think the average for Europe was about 2 minutes and I remember NA players saying the same thing. Then there was the rest of the world who pretty much never got a queue.
I'm in the EU, and I had a lot of 20 second queues. But those were likely due to me being matched with people who had been waiting a while, so rarely good quality ones. Now, in my experience, the quality seems to have improved overall.
On average, it was probably closer to 2 minutes waiting time.
Just because it's 3rd place doesn't mean the player base numbers aren't lacking/low.
Generally speaking, the MOBA genre has a larger online playerbase than other games that have online features, such as sports games or shooters. The only exception MIGHT be Battle royale games.
https://www.youtube.com/watch?v=iqem7TI0XR4
Generally, if a game in a genre has a large playerbase compared to another in a genre, then usually that game is better received by the public. ALL MOBAs are going through a decline with players leaving their respective game. DOTA, the leading MOBA has also experienced a stark decline. I am not surprised that LOL is going through the same tumultuous period.
However, throughout this period of a genre-wide decline, SMITE continues to trail behind DOTA and LOL. Keep in mind that SMITE has branched out to consoles and STILL falls behind DOTA and LOL. As someone who played SMITE since S3, I can attest that SMITE has absolutely plummeted in quality in nearly every category: user interface, map design, matchmaking, game balance, removing skill, abusing loot box system, etc.
DOTA has also received scrutiny for appealing to noobs, but what sets SMITE apart from DOTA, is that DOTA continues to improve its user interface and add features that streamlines the experience for players, whereas SMITE continues to confound players by removing existing features and adding new features that take away from the player experience.
TLDR: If they sell to a better dev.