There is still a 6-second time wasting rule in football. It is mainly applied to goalkeepers who are simply holding the ball, to their teams advantage.
The Six-Second rule was added in because of time-wasting teams. We'll take recent scores, Blackpool 2-1 West Bromwich Albion, Of course, it was not 2-1 throughout the entire game, it must have been 2-1 for a certain period of time. So, the six-second rule was added in to stop goalkeepers, timewasting to their advantage, and to keep the scorline benefitting them for longer.
It is very strict now, and if the goalkeeper does not adhere to the rule, the opposing team are awarded an indirect free-kick inside the penalty area. (I believe this is correct, if not, could somebody please edit this to the correct outcome, which may be a penalty kick).
~TS~
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The six second rule still applies in football today but only applies to goalkeepers.