I was always under the impression that businesses are responsible for updating their own hours for Maps. Is that not the case?

There was a business near me that closed. I reported it on Maps, and they still listed it as open for a month. Another time I arrived at a business just shortly before their closing time and found that it was closed-closed, as in out of business.

In the first case they could have paid someone $20 on fiverrr or whatever to go and physically look to see if it's closed and update it more quickly. Not sure about the second case, but either way if a maps service put in the effort to have more accurate hours they could do so, and that would be a reasonable thing for users to pay for.