In terms of spending hours, think that's pretty much all sports - watching most sports is a 2 hour or so event - and if you think the avergae football game has little occurring, I guess everything bar basketball has the same. Americans have to wear baseball a bit at least, that sport is a crime against man to watch
I don't see the issue with the penalty shootout, having endless extra time isn't going to be that great as the players tire and the game bogs down, you can see how the current ET plays out due to fatigue.
If you want a laugh though, look up how the MLS did penalty kicks at the start, essentially like hockey does. Although they may use that in 2026, apparently