It just takes ages as far as I can tell. Mine was similar to yours, after 2 hours I gave up and reset , same again, reset, checked the SD card, reset, after a further hour it finally came to life.
There wasn't even a great deal (100 or so pdfs etc) on the card.
It would be better, if, for the first time, it doesn't index, but gives you the option to do it with a large warning. At present, unless you start with a fresh SD card you won't know what will happen.
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