These kinds of failures are rarely due to physical damage like drops or bumps. It could be a failed component due to excessive heat, a broken solder joint or simply a marginal circuit path on the IC that finally gave up.
Every time you turn on Wifi it's going to try and locate a working WiFi radio and when it doesn't find it it will try to enable the driver which is failing. When you try to turn on the hotspot while it's searching, it's going to slow things down and 50 seconds doesn't seem unreasonable. I doubt your going to fix this by changing settings.
If you are determined to find a fix you can do yourself, you could try reflashing the factory firmware which should re-install the radios, but if it's truly a hardware problem, it's not going to make it any better.
While it's under warranty, get it fixed properly.