I have come to realize that these stereotypes are the negative interpretations of cultural norms in Spain. Leisure is one of the core aspects of Spanish culture. People prioritize enjoying themselves and maintaining close relationships with their family and friends. Keeping that in mind, timeliness is not as much of a priority for Spaniards. While Americans are very much on the dot with time, Spaniards do not see a reason to rush. They feel that they should give each activity their dedicated attention. At times, they will be late to their next engagement because they had to focus on their previous activity before moving on. Spaniards are not one to cut off an activity due to time. Instead of criticizing them as late, one can say that Spaniards are instead dedicated to the present moment.
The stereotype of laziness also went along with the time insensitivity. Siesta is the time between around 2pm-5pm where people eat lunch and rest. Americans believe that this is the time when Spaniards take naps.
