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The speed of the PS3 in terms of processing power has nothing to do with the load times. Load times are a function of how long it takes to read the data from a disc.
GT4 was loading of a DVD. GT5 is loading of a Blu-ray and whilst a Blu-ray can hold considerably more data than a DVD the drive itself spins more slowly. You also have much larger data files being loaded in GT5 than you did in GT4.
A blu ray pulls vastly more information off the disc per rotation, a 2x blu ray drive extracts data at about the same rate as a 10x dvd drive at its average point.