Currently the max. wait time during game initialization is 180 seconds. However, whenever you have to wait more than 90 (or even 60) seconds it means that this player you are waiting for has too slow hardware or a very bad Internet connection and will get disconnected either immediately or shortly after the start of this game. For me, with my old, old graphics card it never takes longer than 10-15 seconds.
So I think it's a good idea to reduce the game initialization time to a maximum of 120s or 90s. This really ought to be enough. And it's annoying for all other players to have to wait for a single player with bad hardware or connection who will just time out.