How long it takes to locate and off-load luggage is a different question from how long a delay may be caused. Presuming that the flight could otherwise have pushed ontime, when a bag is pulled, the entire weight & balance must be recalculated. That must be double-checked by Dispatch (another licensed pilot) and all of that fed back into the airctraft's computer. Depending on the aircraft, this may be a manual task.

At busy airports, the aircraft may also lose its slot and that may mean simply sitting around for a period of time until another slot opens up.

Thus, the issue is not whether it takes 5 or 15 minutes to locate the bag, but the knock-on delays.

Not all carriers will short-check bags as it is a red flag for hidden city ticketing fraud and some carriers have started to crack down for that reason. Others may not take drastic action such as refaring a ticket, but gently "fire" you as a customer by freezing your frequent flyer account.

You can't predict what will happen because much of this is dependent on the consequences. If you manage to cause a carrier to pay out EC 261/2004 compensation to 100+ passengers, it may be a bit less compassionate than under other circumstances.