Right now, you have a problem of lacking players that are playing, maybe you should add a bit of bots into the game so that its never a long waiting period. I have tried to play the game and joined the lobby but I was the only player and had to wait couple minutes and there was still no other player so I quit, I am sure others would do the same, they would join and wait a while but if no one else joins than they would probably leave too and you will never have enough players.
However, if you add some bots and people could play no matter how many real players there are than you can actually have some people coming in all the time from playing and eventually replace the bots. That's at least what I can think of, if you have any better idea to bring in more players you can do that too.
Thanks for the feedback.
I really didn't want to do bots as I wanted player vs real players.
However I think I have a good idea we can try.
Get rid of the waiting area.
When you click play you join the current running game. People can continue to join the same game at any time until there has been a total of 100 players in the game.
Instead of paying bonuses to the last remaining players we can pay bonuses to the 5 players with the most kills after 100 players have joined and died. We can show a leaderboard in game
On top of that we can also allow players to rejoin the same game if they die and there hasn't been 100 players in the active game yet. But if they die they lose 50% of their points on leaderboard

What do you think?
p.s. I've updated the OP with more details of the game