Just tried this in my VM and it is opening very quickly. I don't see anything in the attached syslog that would indicate this is an issue with the indicator. The logs that would be helpful should be under ~/.cache/upstart/ here. There should be a log for the system-settings app itself, and any logging from the indicator should I think be in its own log as well, or maybe in unity8-dash.log there.
Just tried this in my VM and it is opening very quickly. I don't see anything in the attached syslog that would indicate this is an issue with the indicator. The logs that would be helpful should be under ~/.cache/upstart/ here. There should be a log for the system-settings app itself, and any logging from the indicator should I think be in its own log as well, or maybe in unity8-dash.log there.