It was 10 min originally. The wait was there because it was stressful at the time for the servers to teleport players between planets. When they got better servers, they lowered it to 5 min.
I preferred the SWG waits, even the 10 min ones, because players would stand around and socialize, sell crafted items, roleplay, duel, etc. I remember dueling was very popular, and there were a number of people who would hang out in starports all day waiting to duel travelers.
Running through hallways doesn't allow for any of these things, it's just a pointless timesink and a way to make the game appear larger than it is.