Yesterday, Google acknowledged the issue and said it is a bug and they are working on fixing it. I originally thought maybe it was something Google decided to kill off, but no, it is something they do indeed want to keep.
Google's Nealeigh said:
Thanks for taking the time to submit the report and share feedback.
The team is aware of the issue and is hard at work on a fix. The timer feature will return soon!
How soon? No one knows. For now, you'll be late for all your meetings.
Forum discussion at Google Web Search Help.
Image credit to BigStockPhoto for broken clock