We let the host enter 'free form' in the Time field (e.g. they can enter "noon to 4pm", or "7-ish" and don't force them to select an exact time). Because of this, we can't import a time when you add to your calendar. Instead the event comes in as "all day".
We do this because hosts like the ability to write whatever they want for a "time", and guests know that the event is not a 24 hour affair so they just add or edit the time when they import the event to their calendar.