The change from five to three minutes, at least to me, is less significant than the option of dropping and taking a two stroke penalty when a ball is "unexpectedly" OB or lost. The option for casual play, and the ability of the committee to adopt if for tournament play, is vastly preferable AND quicker than the "walk of shame" back to the tee, regardless of the allotted search time. And practically speaking, a ball that hasn't been found in three minutes isn't a great bet to be found in five, and there has to be some time limit, after all.
The Carolinas Golf Association has adopted this option for most, if not all, of it's competitions, including interclub matches and most tournaments, though I am not sure about the highest level tournaments. The rule is administered by dropping two club lengths INTO THE FAIRWAY at an agreed upon point (similar to a lateral hazard drop) with the two stroke penalty applied. It nets out to the same number of shots as stroke and distance, with the added advantage of less risk, since the player might have hit either the provisional ball or the second ball after returning to the tee into a similar or worse condition. In fact, many players are foregoing provisional balls entirely for exactly that reason, so play really does speed up.
Summer in the Southeast has been a laboratory for growing Bermuda grass, and maintenance crews simply haven't been able to keep up with mowing. It isn't uncommon at all to KNOW to a certainty that your ball landed just a few yards from the fairway, and yet not be able to find it in the allotted time. The drop option is a great thing in those conditions.
Of course, that isn't really pertinent to a US Open, or any Tour level event; the answer at Winged Foot would have been rough of a more reasonable length, which might have added excitement to the final round, too, from players being able to do more than just struggle for pars. But that's another argument entirely.