(Preface: I embrace and support the "you do you" attitude I've found among Tea People. So I won't say anything you're enjoying is wrong even when I wouldn't do it that way myself!)
Steeps are traditionally short to avoid extracting unwanted flavors that come out of the leaves more slowly. I suggest preparing two smaller pots steeped for different times and taste-test them side by side, to know what difference time makes and which you like better.
Oh wow, me too. Just read 'chai' and started typin'.