Team ELO is clearly not working and something needs to be done. What? I don’t know, but I know what it looks like: a more appropriate team ELO as a result of your contribution and performance in team games. Poor performance should result in a disproportionate penalty-- not to stick it to the guy who gets pwned every game but, when it happens and happens often, their ELO adjustment needs to find a more appropriate and competitive opponent for that person going forward.
Length of matchmaking is a total non-issue at the moment. If I were to guesstimate some numbers for my experience I’d say fully 85% of my team games require me to carry 1, 2, or 3 allies against premades composed of foes approximately at or beyond my level. I’d wait a half hour just to avoid beeing teamed with people with whom victory was never possible.