I remember playing deathmatch in games like Unreal Tournament, with their mad non-stop pace of action. Even settings like instagib with 0-second respawn were incredible loads of fun! I see Battle Royale as a kind of rejection of that kind of gameplay, an evolution in response to it. Battle Royale raises the stakes.

This is what critics of BR don't seem to understand - all that running around for 15 minutes, collecting weapons, not seeing anyone, that's not wasting time - that's your buy in. You are investing your time, and then putting it at risk for that extra thrill. It's no different than people who play blackjack for money - sure, they could just play against the computer if they really enjoyed that style gameplay, but putting money on the line is what makes it more fun for them. That's how many games work nowadays, except that instead of money you are risking your time. The same mechanism that makes OP anxious, makes those people exhilarated. And being the last man standing is enjoyable too to a great extent precisely due to the knowledge that with your sheer skill you have just spoiled the time of a hundred other people.

Even the waiting two minutes in the lobby is itself in some sense a punishment for dying, an incentive to play better, and an entry fee for the next match.

Now I agree that not everyone enjoys gambling with their time (I don't for one). Some people really do enjoy just the gunplay and the twitch reaction gameplay. And if you do, it's annoying that every game that keeps coming out is pushing BR elements and wasting your time. Just don't play them! Vote with your wallet and find the action deathmatch game your deserve. At worst, all the old games are still accessible!