Think it is set by the carrier - with a previous phone (on t mob in uk) I had to contact them to get ring time lengthened - they did it straight away.
Cynical me believes it comes with short ring time so they can collect all those lovely call charges when you can't answer in time!

 

Wouldn't it make sense to keep you longer on the phone? ;-)
Or let it ring for 1 minute and 1 second?

 

Not really, if your phone rings it's someone calling you - the charges are incurred by them and their carrier benefits from that.
If you can't answer your phone in time what do you do? You either call them back at your cost/use of allowance or it goes to answerphone which you then have to call.
Obviously, for people on certain types of contract this won't make any difference to the nett cost of their phone ownership, but even so, if you are the one making the call it's YOUR carrier that benefits, not one of their rivals.
That's my assumption anyway, tho' I'm happy to accept that isn't the way the charges are worked amongst the phone companies if someone knows otherwise.