Questions about Matchmaking

I’ve been seeing more posts about matchmaking on console and people having a hard time finding online matches or having ridiculous wait times finding one. I also have experienced this a lot more recently. Having to wait for almost 10 minutes to finally find a suitable match. On numerous occasions this has happened to me.
So I’m just wondering if someone has heard from a developer source or has any knowledge about if it’s being looked into on how to streamline matchmaking .
Also I’m wondering if I am correct about how the search actually works.
#1 Matchmaking looks for another player who around the same level as me then at what part of the story I’m on then what one of the 8 different difficulties I’m playing.
#2 Competitive and competition have no effect on matchmaking.
#3 There is no manual search function on console other than regional location.
Am I correct about these 3 things?

And before you ask YES… EVERYTHING is working correctly on my end as far as my connection. I have NO problems connecting or hosting with anything else.
I’ve checked more times than any sane person would have…