I had this as well, yesterday. But only after a time - or maybe only in a specific campaign - I played multiple characters yesterday and don't remember if it was on the same character or different ones.
When I died after respawing at a camp for the first time the timer was still displayed. Some time later (as mentioned, potentially on a different character and campaign), in the same case no timer was displayed, just the message that I have to wait until the timer expires. And at the same time it looked usable.
PC-EU
EDIT: just in case it was different characters, then it worked on Shor and didn't work on the below-50 campaign. If it was the same character, then it first worked on Shor and stopped working a bit later.
It's just the timer display that seems to be broken for me as well. I can't respawn any faster but not knowing the time on the camp makes it a hard call on respawn decision. It's been on and off today.
PC NA
No CP
Ravenwatch
Although, to be fair, I wouldn’t have known if the timer was there or not last night in PCNA Ravenwatch as the rez load screen was longer than the cooldown timer.
I have 2 assumptions I'll try to check over the weekend:
1. the timer is missing in all regular campaigns, but not in the old ones, which have been reopened for the event
2. the timer is only missing on certain faction camps (in my case EP - based on the fact that the one time I saw the timer, I was on a DC character, instead)
Still an issue for me. If I respawn at a camp and go back to fighting and get killed again, the camp is outlined in green like I can respawn there again right away, but if I click on it I get the message that I have to wait for the timer to expire. The only problem is that the timer no longer appears on the screen at the bottom of the map anymore.
I did not wait around to see if I could use that camp again, I just respawned at the nearest keep to be safe and so no one would get killed trying to rez me.