That makes sense, but whoever or whatever is estimating waiting times really $ucks at it.
Honestly tho, that goes way back too. I can't tell you how many times I've gotten into standby for something and the wait time posted was double or half of what it really was. The posted wait times are really unreliable. FP, FP+, and Genie just make it far more difficult for them to estimate.
I do think they try to steer crowds to different rides or areas of the parks by manipulating posted wait times. If for no other reason, it might be for safety alone. You don't want 80% of the crowd in one part of the park while you have capacity in others. What did that study once upon a time say? That some huge majority of people entering a theme/amusement park naturally turn right and go counter-clockwise?