Why can't it be?
If my car hadn't broken down, I would've made it on time for the meeting.
It can be that, as long as that's what you mean. In this sentence, the meeting is an event, not a place.
However, if you do mean that, you could also use the verb 'been' instead of 'made it'. In fact, like emsr2d2 (see post#2), I'd find that preferable, since it's most natural to use 'be on time for something'. You can't use 'be' if the idea is that the meeting is a place:
I would've been on time for the meeting 
I would've been on time to the meeting
The normal phrase to express punctuality is 'be on time', where 'on time' is the complement of the the verb 'be'. If you substitute 'be' for 'make it', you still ought to keep the verb and complement unseparated, i.e., keep 'on time' directly following 'made it'. So the word order depends on the meaning.
I would've been for the meeting on time 
I would've made it for the meeting on time
Also note that although 'be on time for something' can be expressed antonymously with 'be late for something', you
can't say 'make it late for something' because of the sense of success that is carried by 'make it'.
Is that clear? It's pretty confusing, since there are a few complicating factors going on here at the same time.