Speed dating is a non-Jewish idea, and frankly, the idea of going to a speed dating session to spend three minutes each on twenty guys appalls me. I am thankfully no longer in shidduchim, but there is a reason why we have the formal shidduch process, and when it’s done with the proper hashkafos it works.
As for your comment about ‘wasting precious years’ – first of all, if it’s the right one, then there’s a reason you had to wait. There is also a mindset. For example, I don’t get why Americans call it ‘dating’. Dating to me means going out with a girl/boy you like without any real thought about commitment. Call it ‘going on a shidduch’ and it’s easier to tune into the real reason why we go out with a girl/boy.