That seems excessive - are you sure that's typical across your company and not just unique to your team?
Anyway, to answer your question, at VMware I spend about about two hours a week in meetings. [N.B. I'm a fairly junior engineer, more senior ones typically spend more time in meetings]
I let that happen exactly once before bringing it up to my supervisor. According to him, seems like it's at least across our dept (IT/software dev).
The history sounds like it didn't use to be an issue until they moved into a giant 'open office' with very few walls/rooms. What normally would've been a quick conversation in someone's office turns into booking a meeting room, and the mentality turns into, "Might as well invite XYZ too because now it's a meeting."
EDIT: typos and clarity