Decreasing the conversion time increases the systemic risk of complete collapse.
I think it's been talked about before but lowering it less than 24 hours in basically impossible from that perspective. That ties into the "it works until it doesn't" idea. The way conversions operate ensure that it will keep working when considering the haircut and the fact that it can depeg on purpose.

Yes it would be great if we had more organic usage and more market makers than just the stabilizer. But we... don't. If HBD had exchange listings we'd have plenty of market makers automatically maintaining the peg. It's kind of like that saying: "When your rich everything comes free." A network like Hive struggles a lot because it's small and doesn't have a ton of network effect. The HBD problem gets fixed automatically if Hive just gets more adoption in general... which can be accomplished in a lot of different ways [in theory].