I've long been an advocate of sin bins. I use them now unofficially with my mini footballers.
an example of where a sin bin would be appropriate- a team breaks inside their own half they have a numerical advantage, attackers over defenders, a player on the now defending team stops the move developing with a deliberate foul. Currently its always a yellow card as its a long way from goal and the attack hasn't fully developed, but a clear advantage existed to the counter attacking team. imho a yellow card isn't sufficient, it provides no redress to the fouled team, but a red card would be harsh. The defending player is always happy to commit the foul and get carded "taking one for the team".
If it meant 10 minutes in the bin, I think it would be very different. There are many other scenarios where a sin bin would be an effective deterrent, time wasting and simulation as examples.