Meteors have an area and if you enter it while combating you get a “meteorite life”, which all other players get as well when entering the zone. If you die and don’t get revived (by other players or revive potion consumed before) you lose your “meteorite life”. If there is no player with a “meteorite life” at the meteor it gets dormant. If you don’t die but leave there is the timer to get back. That’s made to prevent them getting dormant instandly by accident (when dodging out of the area for example).
see here: Release 196: Meteorite Lives!