Have they ever looked up a store's hours before going there? Or gone to see a movie? Or met with someone else to do... anything? Or utilized public transit?
Of course it can be argued that, in a cosmic sense, maybe society is more "efficient" toward people relaxing and enjoying life if that train doesn't leave for another 45 minutes because the conductor felt like sleeping in this morning. But at that point, it's not a meaningful discussion.
Honestly it's difficult to imagine having the opposing view with any experience at all managing anything. Or even considering what it might be like to do so.
That automatically implies that it doesn't take much experience or a very open mind. It would be the opposite position, the hard to accept one, that would require broader life experience and a more open mind.
I think it would be better if meetings were seen as the expensive beasts they are and only the bare minimum of people that can attend it, should attend it, and it should be considered (especially with routine meetings) whether or not the meetings even need to be held in the first place.
Efficient towards what, and what for? Those are good questions seldom asked.
I'm not suggesting that everything in business benefits from being regimented but that meeting expectations allows for others to plan their time effectively.
Time where people are waiting for others to do work which should have been completed can often be wasted.
Then you must first consider the need to have the business or meeting in the first place.
In fact, people's time is only "wasted" because it has been made precious -- i.e. because it was stolen and/or sold. That's way more wasted time (they'll never get again) there, than in "wasting time" by not being punctual.
Societies studied by ethnologists had little care for punctuality. In fact the same was true for rural societies in Europe and the US as well (the US South was considered "lazy" and without a "sense of time" as well), and even urban life before the tyranny of the modern "always on" demands. For the upper classes, being fashionably late was a virtue.
For example if you have 10 people attending a meeting and all must wait till they are present before starting (a very common occurrance) having all 10 people turn up promptly is more efficient than having 1-9 people waiting for the remainder of the attendees to arrive.