Well they need that time for the adverts. If it brought in extra money I am sure the Premier League teams would do the same!
The advert thing developed out American Football's need to keep changing players, teams and formations between plays. When US TV came to the game they realised they could exploit these breaks for the TV viewer. Over here, I think it's nice that the BBC have the British broadcasting rights at present because whilst American audiences have yet another pile of crap flogged at them, our audience gets a little interesting education, chat and analysis.
Basically, the game would last rather more than an extended time even if TV wasn't there.