If a user took longer than the 4 minutes or so there would have had to be more users on the system wanting the same type of seats and none available. This really didn't every happen except for insanely popular events, like NYE or some very popular singer, etc. If after 4 minutes, your time was up. You were taken back to search again, but we said "your last seats are still available. Check out now?".
I cannot say now-a-days, if the timer has more importance and I cannot say from a Ticketmaster standpoint technically. What I can say is how we used to do it.
Edit: added the "Honestly" part, first paragraph.
Fifteen minutes seems more appropriate, though.
That wouldn't be so bad (airline tickets are similar) except that the "best available seats" function is very unreliable, and sometimes the only choice for picking seats. With no 'new seats if available' option, you're forced to pick blind and under time pressure whether to give up what you have for the possibility of better seats.
Originally I had said TM can't predict traffic after you put tickets in cart, so it makes sense to limit timing. However, it seems like originally the timer only was enabled when there were other users browsing the same event which makes sense.