The reason for the 10 minute time-frame is to decrease the possibility of miners solving the same block at the same time, potentially creating orphaned blocks. Currently, the average of the network is set to be 10min, however, you CAN get lucky, and solve the block in 1 minute. This IS happening. If the "time-frame" is too small, it means the window is too small, increasing the chances of orphaned blocks occurring.

Litecoin is 2.5min. This is a gamble, because miners who solve orphaned blocks don't get paid a fee. The risk of mining is thus greater. It's a trade-off.

Also. To add:

Unconfirmed transactions are nearly instant. If you are in a restaurant and you are paying someone (with say the wallet app), to pull off a double-spend is nearly impossible. This guy who is standing there is paying a small amount for meal. He then has to somehow have a mining pool at the ready (with enough hashing power) to quickly come in, and hopefully force a double-spend on a $20 meal. The incentive for the mining pool to do this is just so unfeasible, it's just extremely unlikely it will happen.

For low-value transactions, 0 or 1 confirmation is usually enough. In retail, a person is standing in front of you. For them to coordinate a double-spend is nigh impossible.