People don't time people out more often because of "honor" and "fun" and stuff like that. I remember a game from... oh, I don't remember what national it was. I just know it was DEHF (Falco) vs. Chu (Kirby) on Smashville. DEHF had a lead with the time running low-ish (like 2 minutes left iirc), and he was spamming lasers while Kirby was hanging on the ledge with the lead. All DHEF had to do was keep firing his laser and force Chu to do something. Instead, he let up off the lasers. I don't know if that was honor or if he got bored himself, but clearly, with the way he had to play that matchup, that was the way he had to win.
Needless to say, he lost.
Personally, I think this game isn't fun competitively, at least not in its current state. The illusion is that it's "tolerable." My problem is that when I see a top player like, say, M2K, play and lose, half the time it's because he decided to approach when he didn't have to. If M2K didn't want to approach you after getting a 30% lead, I don't think there's anything stopping him from camping the rest of match out, waiting for you to run at him and make a mistake that leaves you at a disadvantage due to the power of this game's defense and MK's mean zoning game.
Of course, I could be wrong. And I'd love to be proven wrong because then, maybe, I'd get back into watch Brawl vids again.
Maybe.