pacman-key --init takes too long and does not exit

Nothing is wrong. As the Arch Wiki notes:

For this initialization entropy is required. Moving your mouse around, pressing random characters at the keyboard or running some disk-based activity (for example in another console running ls -R / or find / -name foo) should generate entropy. If your system does not already have sufficient entropy, this step may take hours; if you actively generate entropy it will complete much more quickly.

You can read more about entropy in the Linux Kernel on Wikipedia.