Docker -- very very [very] slow

[#]$ docker run --rm busybox true
... to pull the image locally ...
[#]$ time docker run --rm busybox true

real	2m3.469s
user	0m0.020s
sys	0m0.013s

Fresh installation, Linux 5.18.5-arch1-1, docker v20.10.17

Why is this that slow? Anything to check?

Is the CPU under heavy load?
Is the system out of memory and using swap
Is the disk slow?

none of this. All other processes are quick and reactive.