It can report either a specific time or a range of times and only appears to be showing on businesses that have a lot of traffic. For example the local Walmart does show it but the busiest local restaurant does not. It also appears to be showing on mobile but not yet on the desktop.
While I find the usually popular feature helpful, it is not clear that this new feature offers similar benefits. But maybe I am missing something.
Google, with the growth of Android, obviously is gathering massive amounts of location data. The location history is opt in but I would imagine that Google still is generating enough data to make these predictions.
One more creepy development in a long line of creepy developments.Google Mobile Knowledge Panels Now Showing Time "People Typically Spend" by Mike Blumenthal