> but also because otherwise the user could be locked out for 60s.
I don't see this. Note that it's not about rate limiting unsuccessful attempts (which obviously should be done to some extent) but not allowing the valid OTP to be used twice. In the worst case once the user logged in he can't login from an other device for 60s. Not a huge limitation. Also AFAIK 30s rotation of the OTP is more common/standard.