I have been seeing answers accepted a very short time after being posted.
Waiting less than 24 hours means that people in some time zones may not have the opportunity to read a question before an answer is accepted. This does not explicitly prevent an answer but I think it can discourage both reading of the question and posting of additional answers.
If users intend to accept the first good answer, as soon as possible (or less than 1-2 days after posting), or need some answer instantly, I think it should be considered an unusual use case and the posters should be encouraged to state the high-speed intended use of the question. Otherwise it can turn the site into a race instead of a forum that produces slower, more thoughtful answers.
Examples of very fast acceptance:
less than 1 minute delay: Prove that the numerator of $H_{p-1}$ in reduced form is a multiple of $p$ for $p$ an odd prime
less than 3 minute delay: Proving that $k[a,b,c,d,e,f]/(ab+cd+ef)$ and $k[x_1,x_2,x_3,x_4,x_5]$ are not isomorphic
This happens frequently; there is nothing unusual about those two links except that I knew them from having participated as an answerer.
EDIT: 24 hours seems like a canonical minimum waiting period, but the exact number is less important. It is not uncommon to see one correct answer, then a better answer an hour later, and a really excellent answer two hours after that, and I am primarily raising the question of whether acceptance of the first answer within minutes is something that should be discouraged. Whatever the reasons are for discouraging it, would probably also support a minimum waiting time measured in hours.